Iran Could Retaliate if US Blocks Oil Exports

July 24, 2018 Share Print 0

Iran’s foreign ministry reportedly said it would implement countermeasures against the U.S. if it tries to block its oil exports.

“If America wants to take a serious step in this direction it will definitely be met with a reaction and equal countermeasures from Iran,” Foreign Ministry Spokesman Bahram Qassemi was quoted as saying on Tuesday morning by the state news agency IRNA, according to Reuters.

Qassemi didn’t detail what Iran could do but the comment comes as the U.S. presses its allies to stop importing oil from Iran ahead of sanctions that are due to be reinstated on the country in August and November. Iranian President Hassan Rouhani suggested Sunday that Iran could close the Straits of Hormuz, a channel that leads out of the Persian Gulf and through which much of the Middle East’s oil is shipped and exported.

via CNBC

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Alfonso Esparza

Senior Currency Analyst at Market Pulse

Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.