LONDON, Jan. 4 (UPI) -- World economies can't handle the possibility of an oil shock that would result from Iran's threatened closure of the Strait of Hormuz, an analyst said.
Iran said it would close shipping lanes in the Strait of Hormuz in retaliation for sanctions from Western adversaries. Iran is one of the largest oil producers in the world and the shipping lane in the Persian Gulf hosts as much as 40 percent of world oil transportation.