It wouldn't change much at the pump — at least here at home.
The European Union has threatened to embargo oil from Iran. Iran snapped back, saying if that happens, it won't let any oil ships pass through the Strait of Hormuz. How might this affect Europe and the U.S.?
Iran has threatened to block the strait if President Obama signs a bill to impose sanctions to keep it from making nuclear weapons. The impact on oil prices worldwide would be major and immediate.