As threats and warnings pass between Iran and the U.S. regarding sanctions and the potential block of the Strait of Hormuz, oil prices have begun to increase.
Tehran has responded to a warning from the U.S. that it will not tolerate any attempt to close the Strait of Hormuz, which was the U.S. response to Iran's threat to close the Strait if further sanctions are imposed. In the latest rally of words Hossein Salami, a senior commander in the Iranian Revolutionary Guards said "Americans are not in a position whether to allow Iran to close off the Strait of Hormuz." (Emirates 247)Salami also warned "Any threat will be responded by threat ... We will not relinquish our strategic moves if Iran's vital interests are undermined by any means."
America's Fifth Fleet, stationed in neighbouring Bahrain, has been toying with Iranian military ships which are conducting exercises. Naharnet reported that Iran used a military plane to shadow a U.S. aircraft carrier which transited through the Strait of Hormuz.
Iranian President Mahmoud Ahmadinejad made it clear that Iran will not give into pressure and threats from Western countries. Press TV reported he said "The Iranian nation is of tolerance and resistance and will not retreat an iota [from its path] under pressure from enemies." The U.S. is increasingly putting pressure on Iran and manipulating anti-Iranian sentiment in what appears to be a deliberate attempt to provoke hostilities in a prelude to war.
According toForex Ticket the price of crude oil has already begin to increase following Iranian threats to close the strategic Strait of Hormuz if more sanctions are levied.