Despite an initial 2% rise in oil prices, oil markets ultimately did not react significantly to the Iranian threat, with oil analyst Thorbjoern Bak Jensen of Global Risk Management concluding that "they cannot stop the flow for a longer period due to the amount of U.S. hardware in the area".
While earlier statements from Iran had little effect on global oil markets, coupled with the new sanctions, these terse comments from Iran are driving crude futures higher, up over 4%.
Pressure on prices reflect a combination of uncertainty driven further by China's recent response – reducing oil January 2012 purchases from Iran by 50% compared to those made in 2011.

A closure of the Strait of Hormuz would inflate oil prices, not only in the west, but in Asian countries such as Japan, India and South Korea.
All three countries collectively account for 42% of Iranian oil exports – Japan 17%, South Korea 9%, and India 16%.
China is another importer of Iranian oil, of which it accounts for 20% of Iran's oil exports.
Despite an initial 2% rise in oil prices, oil markets ultimately did not react significantly to the Iranian threat, with oil analyst Thorbjoern Bak Jensen of Global Risk Management concluding that "they cannot stop the flow for a longer period due to the amount of U.S. hardware in the area". While earlier statements from Iran had little effect on global oil markets, coupled with the new sanctions, these terse comments from Iran are driving crude futures higher, up over 4%. Pressure on prices reflect a combination of uncertainty driven further by China's recent response – reducing oil January 2012 purchases from Iran by 50% compared to those made in 2011.
A closure of the Strait of Hormuz would inflate oil prices, not only in the west, but in Asian countries such as Japan, India and South Korea. All three countries collectively account for 42% of Iranian oil exports – Japan 17%, South Korea 9%, and India 16%. China is another importer of Iranian oil, of which it accounts for 20% of Iran's oil exports.
2011–12 Strait of Hormuz dispute