Iran's navy chief said today his country could very easily close the world's most important oil transit channel. The threat to close it comes after the West imposed more sanctions on Iran over its nuclear program.
Iran has threatened to block the strait if President Obama signs a bill to impose sanctions to keep it from making nuclear weapons. The impact on oil prices worldwide would be major and immediate.
A vote today in Italy passes a round of austerity measures suggested by newly appointed Prime Minister Mario Monti. But is it enough to make a dent in the problem?
