Iran wants to stop crude oil exports protesting against the sanctions of Western economies imposed due to Iranian nuclear project, said Mohammad Karim Shahrzad, Iran's MP. The shortage of oil supplies will hamper recovery of world economy. In case of attack on the country, Iran will close the Strait of Hormuz, narrow seaway that is used to transport 40% of world's oil, and will target US Middle East bases, he added. Crude oil prices experienced sharp fall this week but geopolitical tensions continue to support any price decrease of the commodity.