Washington: The United States on Monday sought to tighten the financial screws on Iran by imposing sanctions on the country’s third-largest bank for allegedly helping Tehran develop its nuclear program.
Bank Tejarat had been one of the few state-backed financial houses not subject to sanctions, providing a possible route for cash to make its way back to the country.
In response, Iranian officials have turned to one of their most powerful cards. The narrow Strait of Hormuz at the mouth of the Gulf and the route for a fifth of the world’s oil. Iran has rattled world markets with repeated warnings it could block the hook-shaped waterway, which could spark a conflict in the Gulf.
Military experts have questioned whether Iran has the naval capabilities to attempt a blockade. But the US and allies have already said they would take swift action against any Iranian moves. The American aircraft carrier USS Abraham Lincoln, along with British and French warships, entered the Gulf on Sunday without incident.
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