Iran Threatens to Block Strait of Hormuz, Sparking Oil Price Fears
Iran warns it will not allow 'a litre of oil' to pass through the Strait of Hormuz, potentially leading to a $200 price tag for crude oil amid a global reserve release.
Iran has issued a dire warning, stating that it will not allow even a litre of oil to pass through the strategically crucial Strait of Hormuz if the country faces further sanctions or restrictions. This threat comes as the world is already bracing for the impact of a 400 million barrel release from global oil reserves to address supply disruptions caused by the closure of the waterway.
The Strait of Hormuz is a narrow shipping lane located between the Persian Gulf and the Gulf of Oman, through which a significant portion of the world's oil supply passes. Iran's control over this strategic chokepoint has long been a source of concern for the global energy market, and the country's latest threat has further heightened tensions.
{{IMAGE_PLACEHOLDER}}Source: Al Jazeera
