Oil prices rise on announcement of Iranian port blockade
Oil prices rise in global markets after US announces blockade of Iranian ports
Fuel prices have risen in global markets after the US announced a blockade of Iranian ports from next Monday. This upward trend was seen at the beginning of trading today.
Crude oil prices in the US market rose by 8 percent to $104.24 per barrel.
Brent crude oil, known as the oil benchmark in the international market, rose by 7 percent. Currently, oil is being sold at $102.29 per barrel. Before the Iran war began on February 28, the price of oil was around $70 per barrel. Due to the impact of the war, it exceeded $119 at various times.
Earlier, oil prices for June delivery fell slightly to $95.20 per barrel on Friday amid news of a meeting in Pakistan.
US military details naval blockade of Iranian coast
The US military's Central Command (CENTCOM) said in a statement that it is going to implement a naval blockade on Iran from April 13. According to the president's announcement, all types of naval traffic to and from Iranian ports will be stopped from 10 am on that day.
Earlier, Donald Trump had said that the US would block the Strait of Hormuz after talks between US and Iranian representatives in Islamabad ended without any results.
The CENTCOM statement mentioned that, 'This blockade will be implemented equally on ships of all countries traveling to all coastal areas of the country, including Iranian ports in the Persian Gulf and the Gulf of Oman
A senior military adviser to Iran's supreme leader has said that any naval blockade by the United States is certain to fail.
Mohsen Rezaei, a senior military adviser to Iran's supreme leader, made the comments in the context of US President Donald Trump's threat to block the Strait of Hormuz.
Mohsen Rezaei said that just as the United States suffered a historic defeat at the hands of Iran while trying to open the Strait of Hormuz, any naval blockade is bound to fail.
Mohsen Rezaei, who served as the commander-in-chief of Iran's IRGC for a long time, retired earlier. He later resigned and began serving under Iran's new supreme leader, Mojtaba Khamenei.
Regarding the naval blockade, Mohsen Rezaei said that the Iranian armed forces will not allow the United States to implement any such measures. The Iranian military has "significant undisclosed capabilities" that can respond to any threat.
Mohsen Rezaei also said that Iran is not a country that can be controlled with tweets or imaginary blockade plans.
Trump considering resuming strikes on Iran: Wall Street Journal
US President Donald Trump
US President Donald TrumpFile Photo: AFP
US President Donald Trump is considering resuming airstrikes on Iran after talks in Pakistan last weekend failed to bring a permanent end to the war.
The influential US media outlet The Wall Street Journal reported this information, citing anonymous US officials.
According to the report, President Trump is considering some other measures in addition to airstrikes. This includes a blockade of the Strait of Hormuz, which he announced on Sunday.
When asked about the report, the White House told the BBC that all options are open.
White House spokeswoman Olivia Wells said that President Trump has already ordered a naval blockade of the Strait of Hormuz in order to stop Iranian extortion. In addition, he is prudently considering all other options. If anyone has told the Wall Street Journal what President Trump will do next, it is entirely speculative.
Source: The Wall Street Journal and BBC
06:39
An oil field in Iran
An oil field in IranFile photo: Reuters
Oil prices rise in global markets after announcement of blockade of Iranian ports
Fuel prices have risen in global markets after the US announced a blockade of Iranian ports from Monday. This upward trend was seen at the beginning of trading today.
Crude oil prices in the US market rose by 8 percent to $104.24 per barrel.
Brent crude oil, known as the oil benchmark in the international market, rose by 7 percent. It is currently being sold for $102.29 per barrel. Before the Iran war began on February 28, the price of oil was around $70 per barrel. At various times due to the impact of the war, it exceeded $119
Earlier, oil prices for June delivery fell slightly to $95.20 per barrel on Friday amid news of the meeting in Pakistan.
Post a Comment