Following US President Donald Trump’s announcement to continue the naval blockade of Iran, global crude oil prices surged to new highs.
Brent crude reached a multi-year peak, rising by more than 8% to $124 per barrel. Meanwhile, U.S. crude saw a 7% increase, climbing to $108 per barrel.
Analysts warned that continued blockade measures and stalled negotiations between Iran and the United States could push oil prices even higher.
Iranian Parliament Speaker and chief negotiator Baqer Qalibaf strongly criticized the US Treasury Secretary, stating that the “unfounded advice” has driven oil prices to $120 per barrel and could rise to $140.
He added that despite US claims, no oil wells have been depleted, and production will remain unaffected even over the next 30 days.
The US Treasury had previously claimed that the blockade would deplete Iran’s oil reserves and severely limit production, causing long-term economic damage.
Meanwhile, Donald Trump said that phone negotiations with Iran are ongoing. He emphasized that Iran should not possess nuclear weapons and must acknowledge defeat, claiming that the United States has largely achieved its objectives in any potential conflict with Iran.
Trump asserted that 82% of Iran’s missiles have been destroyed and 159 Iranian naval vessels sunk, adding that the country’s currency has lost nearly all value.
He also noted that he spoke with Russian President Vladimir Putin about issues concerning both Iran and Ukraine, stating that the U.S. is willing to assist in ending conflicts only after Russia halts its own military actions.
