International reports suggest Iran has warned it could easily cut off the strategic Strait of Hormuz at the mouth of the Persian Gulf, the passageway through which a sixth of the world’s oil flows.
According to Reuters Iran’s first vice-president warned that the flow of oil would be stopped if sanctions were imposed on Iran’s crude exports over its nuclear ambitions. European stocks fell as a result of the threats by the controversial Middle East state.
The West has accused Iran of using its civilian nuclear program as a cover to develop nuclear weapons. Iran denies the charges, saying its research is geared toward electricity generation.