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Iran threatens Hormuz and world oil supply after trade links cutoff

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DEBKAfile
March 18, 2012

Former Intelligence Minister Ali Falahian, Iran’s senior spokesman on sanctions, said Sunday, March 18,  that if the US and Europe think they can ignore international law to promote their interests, they should know that Iran will respond in kind everywhere it can. “I suggest that the West take seriously our threat to close the Strait of Hormuz,” he said in Tehran’s first response to the SWIFT decision to sever ties with Iranian banks to enforce European sanctions on its nuclear program.

A large fleet of 4 US and French nuclear aircraft carriers and a dozen or more minesweepers and mine-hunting helicopters have piled up on both sides of the Strait of Hormuz, through which 17 percent of the world’s daily oil supply passes,  and Israeli naval vessels have deployed in the Red Sea.

DEBKAfile’s military and intelligence sources estimate Tehran may make good on its threats by trying to drop sea mines in the strategic strait and/or the approaches to the huge Saudi Ras Tanura oil export terminal. A small explosion by an unknown hand hit a major Saudi pipeline between Awamiya and Safwa on March 1. The damage was not great because the saboteurs used a small quantity of explosive but it appeared to be the work of professionals.

While Saudi officials denied the incident, photos of a large fire appeared on the Internet. Gulf oil sources suspect that it was a warning from Tehran of the hazards facing the world’s largest oil exporter.

The SWIFT cutoff of ties with Iranian banks has gone a long way toward isolating Iran from global commerce. It will affect Iranian oil sales to its biggest customers in the Far East, China and Japan, as well as India. The economic noose tightening around its neck is bound to produce a response from Iran, it is estimated in Washington and European capitals. The US-led European sanctions on Iranian oil world trade were boosted in recent weeks by the United Arab Emirates which stopped handling Iranian rials, further reducing its ability to trade and obtain hard currency.

Full article here

This article was posted: Sunday, March 18, 2012 at 6:08 am





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