Iran to world: We’ll block oil

By WND Staff

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U.S. carriers in Strait of Hormuz

WASHINGTON – In what already may be an oil war with the West, Iranian officials are signaling that the Islamic republic will close the Strait of Hormuz to bring about the downfall of Western economies if the U.S. Congress and the European Union impose a ban on Iranian oil exports, according to a report from Joseph Farah’s G2 Bulletin.

In the face of such a threat, the E.U. already has indicated that it will back off, but Congress appears to be heading toward passing legislation to impose sanctions against Iranian oil exports and financial institutions.

The E.U. had been subjected to serious pressure from the United States, Israel and Britain to impose the sanctions but, due to the economic downturn in Europe with some eurozone countries on the verge of bankruptcy, it is estimated the economy wouldn’t be able to tolerate increased prices for oil that may be more difficult to obtain if supplies are disrupted.

“Imposing sanctions on Iranian oil is not a wise move, and the market would pay a high price for it,” said Iranian Oil Minister Rostam Qassemi, who suggested that there would be no replacement for Iranian oil in the market. “I believe Iranian oil has a unique place in the market, and in terms of its volume and quality there is no replacement for it.”

Qassemi added that if the West were to turn to Saudi Arabia as an alternative source, Saudi Oil Minister Ali Naimi has assured Iran that the kingdom would “reject such an approach. Iran-Saudi relations are on excellent terms,” he asserted.

Qassemi’s comments were echoed by a senior member of the Iranian parliament who said that if sanctions are imposed, Tehran won’t allow “even a single barrel of oil” to pass through the Strait “to reach hostile countries.”

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