Iran holds what might be a trump card – the ability to close the Strait of Hormuz in the Gulf through which passes each day, depending on sales, about 20 per cent of the world’s oil needs. At its narrowest point the Strait, which is regarded as the most strategic in the world, is only 21 miles across. The industrialised world fears the effect of Hormuz being closed possibly for months on end, with ensuing spiralling prices.
