Oil Prices Rise 5-10% as Iran Reaffirms Strait

Oil prices climbed 5‑10% after Iran reiterated its decision to close the Strait of Hormuz, citing U.S. actions as undermining trust. Tehran’s statement came amid heightened tensions in the region, with the U.S. accusing Iran of threatening global energy supplies. The move has prompted market volatility, as traders weigh the potential impact on shipping lanes and global oil supply.

Iran’s officials warned that the U.S. had eroded confidence in the region’s stability, urging international actors to respect the country’s security concerns. The Strait of Hormuz, a critical chokepoint for global oil transit, has been a flashpoint in U.S.-Iran relations for years.

The announcement follows a series of diplomatic exchanges between Tehran and Washington, with both sides accusing each other of escalating tensions. The U.S. has maintained that its presence in the Gulf is aimed at ensuring free navigation and protecting energy infrastructure.