Tehran — Iran’s president warned his US counterpart Donald Trump not to threaten the Persian Gulf nation’s oil exports and suggested it has alternatives to shipping crude through the Strait of Hormuz. Trump is reimposing sanctions on Iran, which ships most of its oil through the strait, in an effort to squelch the country’s oil sales. Hormuz, a shipping chokepoint at the mouth of the Gulf, is a conduit for tankers carrying about 30% of all seaborne-traded crude oil and other liquids. Other members of the Organisation of Petroleum Exporting Countries such as Saudi Arabia and Iraq also export much of their crude through the strait. "No one who really understands politics would say they will block Iran’s oil exports, and we have many straits, the Strait of Hormuz is just one of those," Hassan Rouhani said in a speech on Sunday. Iran and the EU are working to salvage the 2015 accord that lifted sanctions on the country in exchange for concessions on its nuclear work. Trump withdrew from...

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as exclusive Financial Times articles, ProfileData financial data, and digital access to the Sunday Times and Times Select.

Already subscribed? Simply sign in below.

Questions or problems? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now