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Iran Says It Will Block Strait of Hormuz, Stop Oil Shipments
If Iran blocks oil shipping in the Strait of Hormuz, it could potentially mean a direct exchange with U.S. warships in the region. (Carlos Barria/AP)
Iran is reportedly saying it will block the Strait of Hormuz and stop oil shipments for what amounts to around 20% of the world's daily oil flow and up to $1 billion, which will send oil prices soaring globally. Iran has no legal authority to block traffic through Hormuz, and blockage would mean direct combat with U.S. naval assets, including the U.S. Fifth Fleet warships patrolling the region. [Full Story]
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