The Strait of Hormuz an essential resource Iran must maximise use of, government spokesperson, Fatemeh Mohajerani, said on Tuesday (March 10) in response to U.S. President Donald Trump's warning that Washington would hit Iran much harder if it blocked exports from the vital energy-producing region.

“The Strait of Hormuz is one of the strategic waterways of our country. It is one of the geographically God-given resources that the country possesses, by the grace that God has granted our country. The good thing is that when the country is in a state of war, maximum use of all resources must take place", Mohajerani said.

Trump's comments came after global financial markets seesawed on Monday (March 9) on concerns that Iran's security establishment was rallying behind new Supreme Leader Mojtaba Khamenei and was not prepared to back down any time soon. He warned that U.S. attacks could rise sharply if Iran sought to block tanker traffic through the Strait of Hormuz, which handles one-fifth of the world's oil supply.

The war has effectively shut the Strait of Hormuz, where a fifth of global oil and seaborne liquefied gas is shipped near the Iranian coast. With tankers unable to sail for over a week, producers have run out of storage and are being forced to halt pumping.