Iran has simply warned the US that if an 'economic war' is launched against it, oil exports from the Strait of Hormuz as well as the Persian Gulf and other areas of the Middle East will be completely halted.
Mohsen Rezaei, Secretary of Iran's Supreme National Security Council, issued this sharp statement when Washington (US) was preparing to impose new and tough economic sanctions on Iran and its trading partners. America is working on a new proposal under which a provision has been made to impose heavy tariffs on countries doing business with Iran.
According to the report of news agency ANI, Rezai wrote on social media platform Along with this, he also warned that Iran will consider any action taken by any country that joins or supports America's economic campaign against Tehran as an 'act of war'.
How is America preparing for a new economic attack on Iran?
The main objective of America is to strangle Iran's foreign business through its new proposal. According to Reuters report, preparations are going on in full swing to implement tough economic measures targeting Iran's trading partners. America's Treasury Secretary Scott Besant has given information about this plan.
According to Reuters, in an opinion piece published in the 'Financial Times' on Sunday, Besant termed these upcoming steps as 'the biggest economic attack ever launched against an enemy'. However, he did not clarify what those economic measures would be.
At present, Iran is waiting to see what kind of stringent economic sanctions America imposes. Iran has specifically cautioned countries that may become part of or support US sanctions. Rezai clearly said that any country's participation in America's economic war against the Iranian people would be considered an act of war. On the other hand, Besant had earlier urged China to cooperate with the US, reminding that China imports half of its oil from the Gulf region.
What will be the impact on India if Iran stops oil exports?
This warning from Iran can prove to be very dangerous for the Indian economy and it will have a direct impact on the pockets of the general public. The 'Stretch of Hormuz' is the world's most important maritime oil route, through which India imports about 45 percent of its crude oil requirement.
After the war broke out on February 28, the world has seen what bad effects the closure of the Hormuz Strait can have. India imports large quantities of crude oil and LPG from Gulf countries like Saudi Arabia, Iraq, UAE and Kuwait through this route. Although Iran has talked about allowing friendly nations like India to use this route, a complete embargo or military tension in the entire region would make the movement of oil tankers and ships almost closed or extremely risky.
It is feared that if Iran starts military attacks again in Hormuz or Persian Gulf and the movement of ships comes to a halt, then the prices of crude oil in the international market may reach 120 to 150 dollars per barrel. India imports more than 85 percent of its oil needs. In such a situation, due to the cost of crude oil, the prices of petrol, diesel and LPG (LPG) in the country may reach record levels, due to which India's foreign exchange reserves will also decrease rapidly.