finance
Iran Revolutionary Guard says U.S. actions threaten Strait of Hormuz oil flows
Iran's Islamic Revolutionary Guard Corps stated Monday that continued U.S. military presence in the Strait of Hormuz could cause wider disruptions in global oil and gas markets. The warning follows renewed U.S. strikes on Iran and Iranian assertions that the waterway is closed to shipping.
Jul 13, 5:00 AM·1m read2 sources
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Iran's Islamic Revolutionary Guard Corps stated Monday that continued U.S. military presence in the Strait of Hormuz could cause wider disruptions in global oil and gas markets. The warning followed a weekend of renewed U.S. strikes on Iran and Iranian claims that the chokepoint is once again closed to commercial traffic.
The IRGC said in a statement carried by Reuters that an end to U.S. military interventions in the strait was the only way it would restore regular shipping. "Continued interference could lead to greater incidents in the global oil and gas sector," the IRGC warned.
Background on the Escalation Hostilities began last week when U.S. forces struck Iran in response to Iranian attacks on commercial vessels in the Strait of Hormuz. The weekend brought another round of U.S. strikes and Iranian assertions that the waterway had been closed.
Iran's top negotiator, Mohammad Baqer Qalibaf, wrote on X on Sunday that the situation remained unresolved. Oil prices rose sharply on the developments, with WTI crude up more than 2 percent and Brent crude up 3 percent in early trading.
