Saddam dumped 2-6 million barrels of oil into the Persian Gulf in 1991.
We're still debating the damage. And at the time I remember worries about whether it would foul Saudi desalinization plants.
Iran has 40 million barrels of oil off their coast:
Iran has 40 million barrels of oil sitting in tankers offshore right now, awaiting a greenlight from the nuclear negotiations. The deadline for a comprehensive agreement with the West is the end of the month. A deal would not only set aside a major source of geopolitical tension, but the détente would also allow Iran to sell oil on the global market unimpeded by international sanctions.
Is it sitting waiting to be sold? Probably.
Could it be a weapon aimed at the Arab shores on the west side of the Gulf? I wouldn't assume the answer is "no."