Oil Price Surges to $90 as Iran Threatens to Keep Strait of Hormuz Closed

The global oil price has surged to $90 per barrel for the first time in two weeks as tensions between Iran and the United States remain high.

Iran's Secretary of the Supreme National Security Council, Mohsen Rezaei, warned that the Strait of Hormuz will not be opened until the US changes its behavior and accepts Tehran's conditions for ending the war.

These conditions include an end to the conflict in the region, including Lebanon and Gaza, as well as the release of Iran's frozen assets.

The warning has renewed uncertainty over one of the world's most important energy corridors, which carries about one-fifth of global oil and liquefied natural gas supplies.