Jul 02 2012
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UPDATE: Iran Drafts Bill to Block Tankers from Hormuz
Monday, Jul 02, 2012
-- Draft bill would block Strait of Hormuz access for oil tankers from states that support oil sanctions
-- Move comes after European Union embargo against Iranian oil began Sunday
-- Strait is major artery for global oil movement
By Benoit Faucon
LONDON--Iran has drafted a bill to block the Strait of Hormuz for oil tankers from states that support oil sanctions, an Iranian lawmaker said Monday.
Iran has long threatened to close the Strait of Hormuz, a narrow waterway dividing Iran and the United Arab Emirates through which pass some 35% of all seaborne-traded oil and 20% of all oil traded globally. Middle Eastern producers including Saudi Arabia and Iraq have been mulling alternative routes, but any closure would at the very least result in a time-lag for crude reaching consuming countries.
Mr. Mohammadi said the bill had the support of 100 of the parliament's 290 members, and was to exercise Iran's "sovereignty of internal waters and against an unfair and cruel oil embargo."
--Ben Winkley contributed to this item
Write to Benoit Faucon at firstname.lastname@example.org
(END) Dow Jones Newswires
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