Iran Warns to Close Strategic Waterway in case of Full Sanctions Practice.

Iran Warns to Close Strategic Waterway in case of Full Sanctions Practice.(Fars)."If we completely go under the sanctions, we will not let a single oil drop pass through the Hormuz Strait," Arsalan Fathipour, head of the Iranian Parliament's Economic Commission, told the Iranian students news agency on Tuesday, a day after Europe began to enforce an oil embargo against Iran. Also on Tuesday, the Iranian foreign ministry spokesman welcomed a draft bill of the parliament requiring the government to close the Strait of Hormuz to those tankers shipping crude to the countries that support sanctions against Iran, and said the government will implement the bill once it receives the approval of the legislature. "The parliament members are the nation's representatives and they reflect the Iranian nation's views and the Iranian nation's public opinion about the hostile moves against the country," Foreign Ministry Spokesman Ramin Mehman-Parast said in a weekly press conference in Tehran on Tuesday. On Monday the National Security and Foreign Policy Commission of the Iranian Parliament drafted a bill requiring the government to stop oil tankers from shipping crude through the Strait of Hormuz to countries that support sanctions against Iran. Mehman-Parast also described the oil sanctions against Iran as "provocative and threatening" to the security of crude supplies, and said, "They should account for their actions and accept the consequences of such decisions which will include social and economic crises in the western countries." An EU embargo on Iranian oil went into effect on Sunday. Tehran has repeatedly cautioned that such measures will hurt talks with world powers over its nuclear program. Iran has threatened to close the strategic Strait of Hormuz at the entrance to the oil-rich Persian Gulf if its nuclear program is targeted by air strikes that Israel and the United States reserve as an option. Situated between the Gulf of Oman and the Persian Gulf, the Strait of Hormuz is a passageway for 40% of the world's oil production, including much of the crude extracted in Saudi Arabia. That threat, repeated since December, helped propel oil prices to a four-year high of $128 for a barrel of Brent North Sea reference crude in early March.Read the full story here.