  Oil price jumps amid Iranian threat December 28, 2011 - 09:39 AMT PanARMENIAN.Net - Oil prices jumped over 2% Tuesday, December 27, 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, Dec. 27, according to the Iran State News Agency. Iran is also currently conducting Naval exercises in and around the Strait. Over 15 million barrels of oil a day passed through the Strait in 2009, according to the U.S. Energy Information Agency. That's about a sixth of the world's total oil production and a third of all oil traded worldwide. EIA calls it the "world's most important oil chokepoint." Most of the oil passing through the strait goes to Asia, but because oil is a globally traded commodity, a shortage of oil in any one place impacts oil prices worldwide, CNNMoney reported.   Top stories Authorities said a total of 192 Azerbaijani troops were killed and 511 were wounded during Azerbaijan’s offensive. In 2023, the Azerbaijani government will increase the country’s defense budget by more than 1.1 billion manats ($650 million). The bill, published on Monday, is designed to "eliminate the shortcomings of an unreasonably broad interpretation of the key concept of "compatriot". The earthquake caused a temporary blackout, damaged many buildings and closed a number of rural roads.   Partner news |  Latest news Viva-MTS: Tech solutions to modernize infrastructure of border village  The border village has been the focus of Viva-MTS and the Foundation for the Preservation of Wildlife and Cultural Values since 2015.Ucom's fixed network launched in Artashat To mark this occasion, the company has introduced a special offer exclusively for Artashat residents.“By Your Side”: IDBank's new support program for displaced Artsakh citizens IDBank is launching a long-term social support program for forcibly displaced Artsakh residents.The Power of One Dram to benefit Road of Life charity The companies inform that the May beneficiary of The Power of One Dram is the “Road of Life” charitable organization. |
