Oil price falls after US warns Iran over threat to close Gulf supply route

US navy says Iranian threat to block the strait of Hormuz will not be tolerated, pushing Brent crude price down to $108 a barrel Oil prices fell on Wednesday after the US navy said Iran's threat to block the strait of Hormuz, a key supply route for crude exports from the Gulf, would not be tolerated. After Iran warned that it could respond to threatened sanctions from the US by closing the ...