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Source: http://www.rferl.org/content/iran_strait_of_hormuz/24421087.html
Iran's Threat to Blockade the Strait of Hormuz
(Radio Free Europe-Radio Liberty) Iran has threatened to close the Strait of Hormuz in the Persian Gulf, the world's most important oil-shipping lane, as punishment against countries that have sanctioned Tehran over its suspect nuclear program. Some 17% of the world's oil is shipped through the strait every day. But in a 2008 report by the Washington Institute for Near East Policy, Michael Eisenstadt says that if Iran does succeed in blocking the strait, it could only do so for about a week. "The bottom line is, although the Iranians have been talking a long time about closing the Strait of Hormuz, they probably only have the ability to do so for several days." "And once the U.S. Navy gets involved in ensuring freedom of navigation, I think it's very clear that the outcome will be, eventually, the destruction of the Iranian Navy and the reopening of the strait."