Sputnik - The Strait of Hormuz is a key strategic waterway situated between the Persian Gulf and the Gulf of Oman, with about 20 percent of the world's oil and about a third of all petroleum shipped by sea passing through it.

Rear Admiral Alireza Tangsiri stated on Monday that if Iran is not allowed to export oil through the Hormuz Strait, it would react immediately.

"The Hormuz Strait, based on law is an international shipping route and if we are banned from using it, we will close it", he told TV channel Al-Alam.

The statement comes amid growing tensions between Tehran and Washington, as earlier in April, the US blacklisted Iran's Islamic Revolutionary Guard Corps (IRGC) as a terrorist organisation, while the Islamic Republic retaliated by officially designating the US Central Command (CENTCOM) as terrorists.

Despite earlier threats to bring Iranian crude oil exports down "to zero", Washington granted "temporary waivers" on exports to major customers, like China, India, Italy, Japan, South Korea, Greece, and Turkey, as well as Taiwan.

Iranian media later reported that despite the US sanctions, the country's oil revenues jumped by nearly 50 percent in 2018.