Close
Log in
Please enter your login details

Skip to main content

Breaking News
  • Angela Merkel says the conditions for starting the discussions for a new aide program to Greece not yet there
  • German Chancelor says waiting for the reactions of all eurozone members
  • French President says France and Germany take into account the greek vote
  • François Hollande says the door is open for discussions, Paris and Berlin wait for serious suggestions
  • Greek banks to remain closed Tuesday and Wednesday; 60 euro withdrawal limit remains, banking federation announces
  • Euclid Tsakalotos, Greek debt negotiator, to be named as country’s new finance minister, Reuters reports
Facebook Twitter Google+ Reddit

Iran has begun six days of naval drills in one of the world’s most important oil trade routes.

The military exercises taking place in the Strait of Hormuz are meant to demonstrate Iran’s capability to defend itself and send a message of peace and friendship to neighbouring countries, according to an Iranian naval commander.

About 40 percent of the world’s oil-tanker trade and 16 million barrels a day go through the Strait of Hormuz, which links the numerous oil producing countries of the Gulf to the outside world.

Tehran has, in the past, threatened to close the Strait when faced with more sanctions from the West over Iran’s controversial nuclear programme.

These threats have also affected the global price of crude oil.

More about: