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By James Blitz in London

Tension in the oil shipping lanes of the Gulf looks set to intensify amid indications that Iran, Israel and the US will hold military exercises designed to test weaponry and tactics.

As the US and European Union press ahead with oil sanctions on Iran, Tehran’s defence minister announced on Friday that the Iranian Revolutionary Guard Corps will hold large-scale exercises in the Strait of Hormuz and the Gulf next month.

http://www.ft.com/intl/cms/s/0/ffcf3450-3890-11e1-9ae1-00144feabdc0.html#axzz1ijFRzweq