- Iran threatens to close Strait of Hormuz if US attacks its power plants
- Strait of Hormuz handles 20% of global crude oil and natural gas supplies
- Trump gave Iran 48 hours to reopen the strait or face attacks on energy sites
Iran has vowed to "completely close" the Strait of Hormuz, which accounts for 20% of the world's crude oil and natural gas supplies, if the United States attacks the country's power plants.
The warning was issued on Sunday by the Islamic Revolutionary Guards Corps (IRGC), the country's paramilitary group, in response to US President Donald Trump's 48-hour ultimatum to open the vital supply line.
Iran has already partially choked Hormuz since the outbreak of war on Feb. 27, leading to oil and gas prices shooting up globally.
In the US, the price of regular gasoline is 34% higher than it was a month ago, according to the American Automobile Association. This, say analysts, is weighing negatively upon the Trump administration in a year of crucial mid-term elections.
Amid the piling pressure, Trump on Saturday warned Iran that his forces would "obliterate" the country's energy facilities if movement of vessels via Hormuz is not freed up within two days.
IRGC, in its response, not only vowed to totally shut the vital waterway, but also threatened to "completely destroy" all companies in the region with US shares. Also, energy facilities in the countries that hold US military bases will become "lawful targets", it said, according to news agency Reuters.
US Treasury Secretary Scott Bessent, earlier on Sunday, told the American media that the recent US-Israeli attacks on Iran have been aimed at dismantling the country's fortifications along the Strait of Hormuz.
“There has been a campaign to use military assets to soften up the Iranian fortifications along the strait that's going to continue until they are completely demolished,” Bessent said, while speaking on NBC's Meet the Press.
According to the Trump administration, the short-term pain of higher energy prices is worth to achieve the goal of destroying Iran's long-term capabilities. This military campaign will ensure that Iran cannot project its power internationally, and would never be able to realise its nuclear ambitions, according to Bessent.
“Let's just pick 50 days of temporary elevated prices... Prices will come off on the other side for 50 years of not having an Iranian regime with a nuclear weapon," he told NBC.
ALSO READ: Iran Hits Back At Trump, Threatens To Hit Key Infrastructure After 48-Hour Ultimatum Over Hormuz
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