Iran will stop oil exports from the Strait of Hormuz, the world’s most important oil chokepoint, if the US succeeds in halting crude sales, a Revolutionary Guards official said.
“Any hostile attempt by the US will be followed by an exorbitant cost for them,” said Esmail Kowsari, deputy commander of the Sarollah Revolutionary Guards base in Tehran.
“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.”
U.S. President Donald Trump has called for Saudi Arabia to boost production to make up for potential losses from Iran and Venezuela.
The White House said over the weekend that King Salman bin Abdulaziz affirmed that Saudi Arabia has 2 million barrels a day of spare production capacity “which it will use if and when necessary to ensure market balance and stability, and in coordination with its producer partners, to respond to any eventuality.”
Iran, OPEC’s third-biggest oil producer, exported 2.28 million barrels a day of crude in June, according to the Oil Ministry.