Iran’s threat to close the Strait of Hormuz as the U.S. and other Western nations coalesce around Israel in the Middle East battle is raising concerns about such a move disrupting the entire global energy market and possibly sending oil prices as high as $130 a barrel.
“Iran reserves the right to close the Strait of Hormuz if the United States joins Israel in military action against the Islamic Republic,” Ali Yazdikhah, a member of parliament in Iran, said Thursday.
The strait, between the Persian Gulf and the Gulf of Oman, provides the only water passage from the Persian Gulf to the Arabian Sea and is one of the world’s key import-export channels.
Iran produces roughly 6% of the world’s oil and natural gas supply. It is the world’s ninth-largest oil producer and the third-largest natural gas producer.
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Author: Marty Kaufmann
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