7/1/2008

Iran "will not be allowed to close" the Strait of Hormuz to oil tankers, the commander of the U.S. Navy's 5th Fleet said. He was responding to a threat by an Iranian military official to close the strait if the country were attacked. An estimated 13.4 million barrels of crude and 2 million barrels of oil products pass through the narrow channel each day, along with 31 million metric tons per year of LNG from Qatar. Kuwait and Saudi Arabia are said to be discussing alternative plans to export crude in case of any emergency affecting their normal supply routes.

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