Iran-U.S. Tensions Escalate Over Strait of Hormuz as Oil Prices Surge
The dispute over the Strait of Hormuz between Iran and the US escalated again on August 12, 2026. Mohsen Rezaei, the head of Iran's Supreme National Security Council, stated that Tehran's requirements for allowing increased passage through the strait have not changed significantly despite a US blockade lasting several weeks.
Rezaei declared that the strait would remain closed until Washington terminates the conflict and blockade, unfreezes Iranian assets, and agrees to a ceasefire covering Lebanon, Gaza, and other regions. He emphasized that any agreement between Iran and Oman on managing the Strait of Hormuz would be separate from negotiations with the US.
The comments by Rezaei led to higher energy prices, as Brent crude futures rose to $89 per barrel, while WTI settled at approximately $84. US Energy Secretary Chris Wright pushed back against Rezaei's remarks, stating that Iran's blockade is not succeeding and that oil flows through the strait are roughly double independent estimates.
Vessel-tracking specialists estimate that the actual volume of oil passing through the strait is around 4-6 million barrels per day, not 9 million as claimed by Wright. Despite the uncertainty, a significant amount of oil continues to reach global buyers at higher costs and under the threat of Iranian strikes.