An Iranian Admiral boasts that it would be 'easy to close' the Strait Of Hormuz if the United States imposed sanctions that would prohibit Iran from creating a nuclear weapon. The Strait is a major passage way to get oil to the west.

"Closing the Strait of Hormuz is very easy for Iranian naval forces," Iran's navy chief Habibollah Sayyari told state-run propaganda channel Press TV. "Iran has comprehensive control over the strategic waterway."

Over 40% of the worlds waterborne oil comes through this passage. Closing it off could cause huge spikes in oil prices as supply is diverted and taken on a much more expensive route to the countries that purchase it.

This, as of right now, is just a threat. The UN and United States know that Iran uses these kind of announcements as propaganda. Whether they will follow through with it remains to be seen.

It is doubtful that the world will sit by and watch Iran create a nuclear weapon. Iran has stated multiple times that if they obtain a nuclear weapon, they will use it to wipe Israel off the map. So, it is probable that sanctions will be implemented on the Iranian regime, then we will see if they follow through on their threat to close the straight.

Regardless, news of this will likely influence oil prices and be passed on to the average consumer at the pump.