“NEW YORK (CNNMoney) — Oil prices jumped over 2% Tuesday, crossing the $100-barrel-mark after Iran threatened to choke off the flow of oil passing through the Strait of Hormuz.
The Iranian threat came in response to a recent tightening of Western sanctions against Iran that attempt to limit the amount of oil that country can export.
“If Iran oil is banned, not a single drop of oil will pass through Hormuz Strait,” Iran’s 1st Vice President Mohammad Reza Rahimi said Tuesday, according to the Iran State News Agency.
Iran is also currently conducting Naval exercises in and around the Strait.”
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