Trump said he will not allow Iran to control Strait of Hormuz
Iran's blockade of the Strait of Hormuz has resulted in the loss of nearly a billion barrels of oil
US President Donald Trump said on Saturday that Washington had cancelled plans to send a team to Pakistan for negotiations with their Iranian counterparts
Oil prices plunged more than 11%
Trump has threatened to rain "hell" on Tehran
India depends on the Strait of Hormuz for around 40 percent of its crude oil imports
The eight producers have been implementing two sets of voluntary production cuts
Iran’s foreign minister warned earlier Sunday that the Islamic Republic “reserves all options to defend its sovereignty
The phase two storage facility, which can store fuel oil, clean products and crude, is fully contracted and ha