Oil Prices Rise On Iran's Threats To Cut Off Strait Of Hormuz -- The TelegraphOil prices climbed 70 cents to $111.14 a barrel on Monday, after Iran issued fresh threats to cut off up to 17m barrels per day of oil supply from world markets by shutting down the Strait of Hormuz.
Iran warned its neighbours in the Gulf states that they should not attempt to make up for the shortfall if an embargo is imposed on its crude oil exports, and reiterated its threat that it could block oil transport on the Strait in response to sanctions.
State-run Iranian news agency Mehr reported that "no country" could cope with the shock of the Strait being closed.
But Saudi Arabia, the world's biggest oil producer, hit back, playing down the risk of disruption.
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More News On The Impact On Oil Prices From Iranian Threats
Oil Climbs From Four-Week Low as Iran Warns of Hormuz Strait Disruption -- Bloomberg
Saudis dismissive of Iran's oil blockade threats -- CBS
Iran oil-blockade claim all talk: Saudi Arabia -- National Post/Reuters
Saudi Oil Minister targets stabilising oil price near $US100 -- The Australian/Times
Oil prices gain after Iran warning -- Reuters
UK could lose HALF its gas imports if Iran shuts crucial shipping route in nuclear stand-off -- Daily Mail
How Global Oil Supplies Could Fall 40% Overnight -- Money Morning
Iran: How Middle Eastern Woes Will Impact Crude Oil -- ETF Daily News
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