Iran prepped to mine Strait of Hormuz last month after Israeli strikes, but the mines were never deployed, according to U.S. officials.
Reuters carry the story. In brief:
A blockade would have disrupted global trade, with the strait carrying around 20% of the world’s oil and gas shipments.
U.S. hasn’t ruled out the possibility that the mine preparations were a bluff to signal Tehran’s readiness without intent to act.
Iran has the capability to close the Strait, though it exports oil through it as well; over 5,000 naval mines are in its arsenal.
This article was written by Eamonn Sheridan at www.forexlive.com.