Oil prices could spike to $140 per barrel as the U.S. is keeping its blockade outside the Strait of Hormuz, Iran says and signals it won’t open the chokepoint to free traffic and won’t return to negotiations unless the American blockade is lifted.
The U.S. Administration is getting “junk advice” from people like [Treasury Secretary] Bessent “who also push the blockade theory and cranked oil up to $120+. Next stop:140,” Mohammad Bagher Ghalibaf, the Speaker of Iran’s Parliament, says.
He also teased U.S. Defense Secretary Pete Hegseth and the U.S. Administration with another post on X, which said “Good luck blockading a country with those borders,” referring to the very long border lines of Iran.
“If you build two walls, one from NYC to the West Coast and another from LA to the East Coast, the total length will be 7,755 km, which is still about 1,000 km short of Iran’s total borders,” Ghalibaf said.
The standoff in the Strait of Hormuz has pushed Brent oil prices above $110 per barrel this week, as the market quantifies the physical barrel losses and fears an escalation amid reports that U.S. President Donald Trump would be briefed on further military options to force Iran’s hand to sign a deal.
Set OilPrice.com as a preferred source in Google .
Crude oil prices may have retreated from the highs reached on Thursday, but they were still set for a strong weekly gain on Friday.
Iran remains defiant amid the U.S. blockade and telegraphed a message on Thursday by Iran’s new Supreme Leader Ayatollah Mojtaba Khamenei, who hasn’t been filmed or recorded since he was elected in early March after his predecessor, and father, was killed. In the message read on Iranian TV by a presenter, Khamenei suggested that the only place of the U.S. in the Persian Gulf is “at the bottom of its waters.”
By Tsvetana Paraskova for Oilprice.com
More Top Reads From Oilprice.com
- ENEOS Takes 10% Stake in Malaysia LNG Tiga in New Deal With Petronas
- UAE Break With OPEC Puts African Crude Exports At Risk
- U.S. Oil and Gas Firms Sign Deals to Operate in Venezuela
