Iran Blocks Strait of Hormuz, Oil Prices Plummet Amid Global Tensions
Iran's Revolutionary Guard turned back six ships trying to transit the Strait of Hormuz through unauthorized routes, state television reported on Monday. The move is part of Iran's blockade of the strait since the start of the Middle East conflict in late February. This comes as oil prices have been falling from their two-month high set last week, with Brent crude dropping 4.9% to $92.02 shortly after trading resumed.
The decline follows a 3.9% drop on Friday, and prices surged this month due to increased fighting in the Middle East and concerns about a return to all-out war that could further slow global oil flow. Qatari Prime Minister Sheikh Mohammed bin Abdulrahman bin Jassim Al-Thani held a phone call with UAE national security adviser Sheikh Tahnoon bin Zayed Al Nahyan on Sunday, discussing bilateral relations and ways to support cooperation in the region.
Iran's Foreign Minister Abbas Araghchi warned that his country would respond to Ukraine's deadly attack on an Iranian ship in the Caspian Sea, saying it was a 'blatant UN Charter violation done at Israel's behest.' The Strait of Hormuz's status remains unchanged, according to Iran's Foreign Ministry spokesperson Esmail Baghaei, who said talks had made progress with Omani officials.