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Oil price climbs amid Iranian threat

Iran on Tuesday threatened to close the Strait of Hormuz, a chokepoint for a third of the world’s seaborne oil trade, if the west imposes oil sanctions on Tehran, causing a rise in oil prices. 

The warning by Mohammad Reza Rahimi, Iran’s first vice-president, came days after Iran staged naval war exercises in the strait.

“If they [the West] impose sanctions on Iran’s oil exports, then not even one drop of oil can flow through the Strait of Hormuz,” he told the official Iranian news agency Irna. Iranian officials have in the past threatened to shut down oil traffic through the strait, but the comments by Mr Rahimi are the strongest yet.

France, Germany and the UK are pushing for an embargo on Iranian oil exports to Europe, although several countries, including Greece, have some reservations. EU foreign ministers are scheduled to consider the embargo on January 30.

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