In the wake of revelations about its nuclear program, many Western powers have discussed sanctioning Iran's petroleum exports. On Tuesday, Iran stepped up its saber-rattling, warning that if an American aircraft carrier returned to its base via the Strait of Hormuz, it would face the "full force" of the Iranian navy. Roughly one fifth of the world's oil travels through the strait, and it is also where Iran recently tested two long-range missiles during a naval exercise. However, a spokesman for the Department of Defense stated, "the deployment of U.S. military assets in the Persian Gulf region will continue as it has for decades."
Mark Fitzpatrick is director of the Non-Proliferation and Disarmament Program at the International Institute for Strategic Studies, and speaks more about the impact this could have on the global oil market.