Iran Reiterates Hormuz Closure Demands as Oil Markets React
The Strait of Hormuz remains closed to international shipping, according to Mohsen Rezaei, Iran's hardline security advisor. Rezaei stated that the strait will not reopen until the US meets several conditions, including ending its war and blockade, releasing frozen Iranian assets, and agreeing to a region-wide ceasefire in Lebanon and Gaza.
The comments came during a meeting with China's ambassador, where Rezaei emphasized that the talks between Iran and Oman regarding a mechanism for sharing control of the strait are separate from discussions with the US. Energy markets responded positively to the news, with Brent crude oil prices reaching $89 per barrel.
However, US Energy Secretary Chris Wright countered Rezaei's statement, asserting that total crude oil shipments exiting the waterway were about twice the volume assessed by independent analysts. The seven-day average for oil leaving the Strait of Hormuz is currently up to almost 9 million barrels per day, according to Wright.