Iran reportedly threatens ‘countermeasures’ if US blocks its oil exports

as declared in In 2016, data from the EIA showed total flows through the channel reached a record high of 18.5 million barrels a day. China, Japan, India, South Korea, and Singapore are the largest destinations for oil moving through the strait, it added. Thus, closing the channel would have dramatic consequences for Iran, oil-importing countries and the entire industry. The nuclear deal had lifted economic restrictions on Iran, allowing its oil industry to bounce back. Relations between Iran and the U.S. hit a new low on Monday when Trump warned Iran in a tweet to not threaten the U.S., or else.

OIL PRICE CRISIS: Iran threatens to CUT OFF oil reserves to world

Following Donald Trump's warnings of punishments for companies which purchase Iranian oil, President Hassan Rouhani warned Tehran could soon halt exports of oil to neighbouring countries. Yesterday the leading commander of Iran's Revolutionary Guard, an elite branch of the military, said he is prepared to follow presidential orders to halt Iranian oil exports. Major-General Qassem Soleimani said in a letter published on Islamic Republic News Agency (IRNA): "I kiss (Rouhani's) hand for expressing such wise and timely comments, and I am at your service to implement any policy that serves the Islamic Republic."And Esmail Kowsari, deputy commander of the Sarollah Revolutionary Guards base in Tehran, said: "Any hostile attempt by the U.S. will be followed by an exorbitant cost for them. "If Iran's oil exports are to be prevented, we will not give permission for oil to be exported to the world through the Strait of Hormuz."

Iran oil war: Netherlands kicks Iranian embassy officials OUT amid furious Trump row

according to A spokesman for Dutch intelligence confirmed two Iranian civilians were expelled from Holland in a statement. But when pressed for more details, refused. He said: "We can confirm that the Netherlands has expelled two persons accredited to the Iranian embassy. "We will not provide any further information."The news follows a threat by Iran to cut off oil reserves to the rest of the world in the wake of conflict with the US. Donald Trump recently warned of punishments for companies that purchase oil from Iran, which triggered a retaliation from President Hassan Rouhani who threatened to halt exports of oil to neighbouring countries.

collected by :Frank Ithan