War games in the Strait of Hormuz (8 images)
Iran has repeatedly threatened it will close the Strait of Hormuz waterway, through which one-fifth of the world's oil supplies pass every day, if new oil sanctions are imposed on Tehran for it's nuclear ambitions. Iran, the world's No. 3 energy exporter, relies on oil exports to finance as much as half its national budget.
An Iranian navy vessel fires a home-made surface to air short range missile named "Mehrab" during an Iranian military exercise on the Sea of Oman near the Strait of Hormuz in southern Iran on Jan 01,2012. UPI/Ali Mohammadi
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