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Commodities

Iran Holds Firm on Strait Control Amid US Oil Price Spikes

Guavy AI Editorial Team
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Oil
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Iran's Deputy Foreign Minister Kazem Gharibabadi stated that the Strait of Hormuz will remain under Iran's control, and no oil tanker traffic will pass through without its permission.

Gharibabadi emphasized that as long as the US does not accept defeat, Iran will continue to enforce a blockade on the strait. This has led to a significant impact on global oil trade, with the average U.S. price of a gallon of gasoline reaching $4.08, up 29% from a year earlier.

President Donald Trump has urged Americans to accept slightly higher fuel prices as the cost of ensuring Iran does not obtain a nuclear weapon.

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