Oil price threat as Iran looks to close Strait of Hormuz

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By Alex Lennane

26/06/2012

Oil prices could spike following Iran’s threat to close the Strait of Hormuz, through which more than a third of all seaborne traded oil was shipped last year. The US has sent in four minesweepers to try to keep it open, but tensions are running high as as July 1 – the date sanctions on Iranian oil are due to be tightened – approaches.

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