More than one-third of the world's tanker-borne oil supply passes through the Strait of Hormuz . A closure could temporarily cut off some oil supplies and impact the price of oil worldwide.
The Pentagon has said interfering with the passage of vessels through the strait will not be tolerated.
A recent United Nations report said Iran appears to be secretly working on designing a nuclear weapon - something Tehran denies. European Union ministers have said that a decision on further economic sanctions, including a boycott of Iranian oil, will be made in the coming weeks. The vast majority of Iran 's foreign revenue comes from oil exports.
Separately, a spokeswoman for the Bahrain-based U.S. Fifth Fleet told VOA in an email that the flow of goods through the strait is "vital to regional and global prosperity." Lieutenant Rebecca Rebarich said the U.S. Navy is ready to "counter malevolent actions" to ensure navigation freedom.
Iranian Vice President Mohammad Reza Rahimi said Tuesday that if Iranian oil is banned, "then not a drop of oil will pass through the Strait of Hormuz ."
The Associated Press quoted a Saudi oil ministry official as saying Gulf oil producers would be ready to step in, if necessary, to make up for any losses of Iranian crude. ---VOA News
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