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Iran-US brinkmanship over oil strait worsens

A showdown between Iran and the United States over Tehran’s threats to close the strategic Strait of Hormuz to oil tankers worsened with warships from each side giving weight to an increasingly bellicose exchange of words. Iran’s Revolutionary Guards rejected a warning that the US military would “not tolerate” such…

U.S. warships cross Hormuz despite Iran threats

Two American warships have crossed through the Strait of Hormuz without incident despite Iranian threats to close the strategic oil route, the US Navy said Thursday. The aircraft carrier USS John C. Stennis and the guided-missile cruiser USS Mobile Bay “conducted a pre-planned, routine transit through the Strait of Hormuz”…

U.S. aircraft carrier spotted in Iran wargames zone

A US aircraft carrier entered a zone near the Strait of Hormuz being used by the Iranian navy for wargames, an Iranian official said Thursday amid rising tensions over the key oil-transit channel. “A US aircraft carrier was spotted inside the manoeuvre zone… by a navy reconnaissance aircraft,” Commodore Mahmoud…

Oil plunges on strong dollar, profit taking

World oil prices sank in volatile year-end deals on Wednesday, as traders took profits and eyed the strong dollar, new concerns over the eurozone debt crisis and fresh equity falls on Wall Street. New York’s main contract, light sweet crude for February delivery, known as West Texas Intermediate (WTI), sank $1.98 to $99.36 a barrel. Brent North…

U.S. warns Iran not to block Strait of Hormuz

The United States warned Iran on Wednesday against any attempt to disrupt shipping in the Strait of Hormuz, after Tehran issued threats over the vital oil route. “Interference with the transit… of vessels through the Strait of Hormuz will not be tolerated,” said Pentagon press secretary George Little. Iran’s Vice President Mohammad Reza Rahimi has…

Iran to display US drones it shot down, top Iranian commander says

TEHRAN – Iran will put on public display two US Navy drones shot down by its elite Revolutionary Guards, a top Iranian commander said on Saturday. “The planes that were shot down are among the most modern US navy drones and have a long-range capability,” Ali Fadavi, commander of Guards’…

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