Iran Threatens To Plug Oil Through Strait Of Hormuz
By: Big 2 News Staff
Updated: December 28, 2011
Iran is threatening to plug the flow of oil passing through the Strait of Hormuz if its own oil exports are cut off by the West.
Tehran's stance resulted in oil prices jumping more than two percent yesterday, going over the $100 barrel mark.
While the U.S. and other Western governments may want to put additional pressure on Iran by threatening its oil industry, they are also aware of the impact it could have on oil prices.
Investment bank Merrill Lynch says it the country's more than two million barrels a day of crude at completely cut off, the result could be a 40 dollar rise in oil prices.
(Copyright 2011 by VERTEXNews/Newsroom Solutions)
Tehran's stance resulted in oil prices jumping more than two percent yesterday, going over the $100 barrel mark.
While the U.S. and other Western governments may want to put additional pressure on Iran by threatening its oil industry, they are also aware of the impact it could have on oil prices.
Investment bank Merrill Lynch says it the country's more than two million barrels a day of crude at completely cut off, the result could be a 40 dollar rise in oil prices.
(Copyright 2011 by VERTEXNews/Newsroom Solutions)
