Oil prices rise above $103 over Hormuz Strait

Oil prices have risen to above USD 103 a barrel after Iran announced that it is capable of shutting the Strait of Hormuz if it is endangered.

Iran’s Majlis is also preparing a motion according to which the Islamic Republic would close the vital passageway for as long as the sanctions against Tehran are in effect.

On Sunday, Iranian Lawmaker Javad Karimi Qodousi said the motion has been signed by 150 parliamentarians.

On June 14, Commander of Islamic Revolution Guard Corps (IRGC) Navy Ali Fadavi said Iran has the ability to close the strait and has proved its capability during the eight years of imposed war with Iraq.