In response to the escalating tensions between Iran and the U.S., some Iranian officials have threatened to close the Strait of Hormuz. It’s not the first time the country has made the threat; it happened in December 2011.
Very few think Iran would actually try to close the Strait, though it might take steps to slow the traffic. Too many countries depend on the oil that passes through it, and Iran needs allies, not more enemies.
However, just the threat used to cause an economic shock and rising oil prices in most developed economies. For example, the last time Iran threatened to close the Strait average gasoline prices topped out at nearly $4.00 a gallon in early 2012.
Read the full article here