Iran has threatened to stop oil shipping through the Strait of Hormuz if Western countries will impose sanctions on the country’s oil exports because its nuclear program, writes Thomson Reuters news agency. Analysts fear that such a measure could lead to military conflict between Iran and the countries dependent on oil from the Persian Gulf.
The Strait of Hormuz take up to 40% of sea shipping of oil. Tensions between Western countries and Iran have increased after a UN report on 8 November indicated that the Tehran authorities seem to work on developing nuclear bombs. Iran denies the allegations and argues that it is developing nuclear energy for peaceful purposes. Many analysts believe that the only sanctions targeted at the oil sector, vital for Iran, will end Iran’s nuclear program, but Russia and China, major trading partners of Iran, have blocked such a decision within the UN.
The warning yesterday from Iran came three weeks after EU foreign ministers decided to toughen sanctions on Tehran and the plans to impose an oil embargo on the world’s fifth largest producer. “If the west imposes sanctions on exports of Iranian oil, then no drop of oil will pass through the Strait of Hormuz”, said vice-president Mohammad Reza Rahimi. Rahimi’s statements came while the Tuesday was the tenth day of Iranian naval exercises in the Strait of Hormuz, a demonstration of power from Tehran trying to intimidate the Western powers. “Our enemies will cease to plot against Iran only if we give them a strong lesson”, said Rahimi.
Most oil exported from Saudi Arabia, Iran, UAE, Kuwait and Iraq, with almost all liquid natural gas exported by Qatar pass through this strait. Some analysts believe that Iran will think twice before closing the Strait of Hormuz because it will be more affected in economic terms than Western importers and, worse, it could trigger a war with countries with a superior military capacity. “For me, if Iran will do so, it would mean suicide. Even their friends will become Iran’s enemies”, believes Phil Flynn, from PFG Best Research in Chicago.
