Commodities
Iran Defies US Pressure on Strait of Hormuz, Higher Gas Prices Loom
The conflict between Iran and the US continues to escalate, with no clear indication of renewed peace talks. Iranian Deputy Foreign Minister Kazem Gharibabadi stated that Tehran will maintain control over shipping through the Strait of Hormuz, rejecting US pressure to restore prewar levels.
About one in five barrels of global oil exports passed through the strait before the war began on February 28. However, only two vessels were seen passing through on Friday, and no crude oil shipments were visible.
US President Donald Trump told Americans to accept higher gasoline prices as a necessary cost for preventing Iran from obtaining a nuclear weapon. The average US price of gasoline stood at around $4.08 a gallon, up 29% from last year.