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dmr Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Dec-28-11 02:13 AM
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Iran Threatens to Block Oil Shipments, as U.S. Prepares Sanctions
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Source: Washington Post

Iran Threatens to Block Oil Shipments, as U.S. Prepares Sanctions
Published: December 27, 2011

WASHINGTON A senior Iranian official on Tuesday delivered a sharp threat in response to economic sanctions being readied by the United States, saying his country would retaliate against any crackdown by blocking all oil shipments through the Strait of Hormuz, a vital artery for transporting about one-fifth of the worlds oil supply.

The declaration by Irans first vice president, Mohammad-Reza Rahimi, came as President Obama prepares to sign legislation that, if fully implemented, could substantially reduce Irans oil revenue in a bid to deter it from pursuing a nuclear weapons program.

Prior to the latest move, the administration had been laying the groundwork to attempt to cut off Iran from global energy markets without raising the price of gasoline or alienating some of Washingtons closest allies.

Apparently fearful of the expanded sanctions possible impact on the already-stressed economy of Iran, the worlds third-largest energy exporter, Mr. Rahimi said, If they impose sanctions on Irans oil exports, then even one drop of oil cannot flow from the Strait of Hormuz, according to Irans official news agency. Iran just began a 10-day naval exercise in the area.

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