Oil price jumps amid Iranian threatDecember 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 Azerbaijani President Ilham Aliyev arrived in Moscow on April 22 to hold talks with Russian counterpart Vladimir Putin. 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". Partner news | U.S., Armenia sign customs deal According to Armenian customs data, U.S.-Armenian trade reached $670 million last year. Glendale mayor to visit Yerevan Asatryan last visited Armenia in December 2022-January 2023 as she helped establish a partnership between Armenia’s Opera House and Los Angeles Opera. Ucom’s fixed network launches in Nor Hachn City residents will be able to use fixed-line Internet, mobile communications and television in one package at more affordable prices. Ambassador summoned to Russia returns to Armenia Sergei Kopyrkin has returned to Yerevan more than two weeks after being recalled to Moscow for consultations. |