Iran threatens to close the strait of Hormuz and effectively shut down the transit point for over a third of the worlds oil, a scenario some analysts have described as armaggeddon. Is Iran ready to go all the way and hold the global economy at ransom in order to avoid further sanctions?Or is it bluffing? An empty threat made by a regime with dwindling options?

• Trita PARSI. Founder and President, National Iranian American Council. Author, "A Single Roll of the Dice - Obama's Diplomacy with Iran" - from Washington;
• Francis PERRIN. Editorial Manager, "Arab Oil and Gas";
• Hall GARDNER. Professor of International Relations, American University of Paris;
• Borzou DARAGAHI. Financial Times correspondent in Egypt - from Cairo.