Iran Continues Strait of Hormuz Blockade Amid US Conflict
The Strait of Hormuz blockade between Iran and the US continues, with no signs of resolution. Iranian Deputy Foreign Minister Kazem Gharibabadi said that the strait will be opened and closed only under Iran's command until the US accepts defeat.
President Donald Trump has described Iran as 'very evil' and urged Americans to accept higher gasoline prices due to the conflict, which he says is necessary to prevent Iran from obtaining a nuclear weapon. The average U.S. price of a gallon of gasoline was about $4.08 on Friday, up 29% from a year earlier.
The disruption caused by the war has kept fuel costs elevated, with Trump warning that this could continue. Crude oil futures rose $1 a barrel on Friday, and benchmark Brent futures were on track for a weekly gain of 6%, while West Texas Intermediate was up 5.4%.