Iran has been holding naval exercises in the Strait of Hormuz since December 23, and has threatened to close the key oil supply route if new US sanctions hit its exports. It later backed down. However, in an escalating war of words, Pentagon Press Secretary George Little said that closure of the Strait would not be tolerated.Pepe Escobar, Asia Times correspondent told RT the year 2012 would be a hardcore one, mainly because of the US-Iran tensions.RT on Twitter http://twitter.com/RT_com RT on Facebook http://www.facebook.com/RTnews

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