Iran says it has no intention of blockading Strait of Hormuz

Iranian authorities have stated they have no intention of blockading the Strait of Hormuz, Walter Bloomberg reported. The announcement follows reports from multiple media outlets on March 3 that a senior official from Iran's Islamic Revolutionary Guard Corps (IRGC) had warned of plans to block the strait. The Strait of Hormuz is a strategic waterway through which approximately 20% of the world's oil supply passes.