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

collected by :Frank Ithan

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 price war: Trump is INSULTING us - Iran warns US is creating market uncertainty

Iran oil price war: Trump has been accused of 'insulting' IranBijan Zanganeh,Iran's oil minister, warned of a "trade war" after the Republican firebrand ordered the Organisation of the Petroleum Exporting Countries (OPEC) to increase production and reduce prices. In an interview with state television, Mr Zanganeh said: "Mr Trump sends every day a new message that creates uncertainty in the market. Iran, OPEC's third-largest oil producer, exported 2.28 million barrels a day of crude oil last month, according to the Oil Ministry. Mr 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. GETTY Iran oil price war: Trump is embroiled in a row with Tehran over oil

Get ready for $250 oil if Iran blocks key shipment route in Middle East, analysts tell RT

referring to Tehran is threatening to block the Strait of Hormuz, a crucial artery for oil shipments from the Middle East, if Iranian exports are hampered. Read moreMost of the crude exported from Saudi Arabia, Iran, the United Arab Emirates, Kuwait, and Iraq passes through the Strait of Hormuz. "The declared nominal throughput capacity of the Strait of Hormuz is about 14 oil tankers per day, or 17 million barrels per day, or about half of the world's daily crude oil exports. Read moreArtem Avinov, leading analyst with TeleTrade, also predicts that oil prices could jump to $250 per barrel if the Strait of Hormuz is blocked by Iran. He adds that US President Donald Trump's rhetoric is propping up oil prices despite his wish to lower them.

Rouhani says US unaware about consequences of Iran oil ban

Iranian President Hassan Rouhani says his country will stand firm against US threats, and will 'survive' sanctions. Iranian President Hassan Rouhani has pledged his country will stand firm against threats by the United States to halt Iranian oil shipments. "The Americans say they want to reduce Iranian oil exports to zero ... Rouhani noted if the remaining parties could guarantee his country's benefits that Iran would remain in the deal. Earlier on Wednesday, a senior Iranian oil official said Trump's pressure on international firms not to buy Iranian oil will drive prices higher and end up hurting the US economy.