US gas prices reached an average of $4.30 per gallon — an increase of 27 cents, or 7%, in only the past week. Worries about the inability of peace negotiations to achieve an agreement to conclude the conflict and reopen the Strait of Hormuz have caused prices to surge.
Oil prices experienced significant fluctuations overnight: The cost of Brent crude oil, a worldwide benchmark, reached over $125 per barrel early Thursday before falling back down.
This comes after reports that US President Donald Trump is considering a prolonged military blockade on Tehran’s ports to urge Iran to return to negotiations.
Here’s what you should be aware of:
Prominent economist points out “energy” crisis: Conflicts between the US and Iran have plunged the global community into a “significant energy and economic crisis,” as stated by the executive director of the International Energy Agency. Fatih Birol forecasted “environmental challenges” as regional powers in Asia and the Global South attempt to find alternative energy solutions.
“Bound for defeat”: Tehran “will react” to any extended US military blockade on Iranian vessels in the Strait of Hormuz, states the nation’s President Masoud Pezeshkian, as both countries seek to gain control over the crucial Strait of Hormuz after halted ceasefire discussions. Pezeshkian predicted that “any effort to establish a naval blockade” by the White House “is bound to fail.”
Message from Khamenei: Iran’s Supreme Leader Mojtaba Khamenei stated that “foreign entities” belong only “in the depths of its waters” of the Persian Gulf during tensions with the US, as reported by state media. Since his inauguration in March, Iranians have yet to publicly see or hear Khamenei, although he has released six written messages.
Iran commemorates Persian Gulf Day: On Thursday, Iran observed Persian Gulf Day, marking the nation’s triumph over Portuguese forces driven out from the island of Hormuz. This year’s annual celebrations hold increased importance as Tehran leverages its control over the crucial waterway to resist yielding to US pressures.
Israeli troops capture Gaza aid flotilla: In another part of the area, the Israeli army stopped the Gaza Sumud Flotilla in international waters heading to Gaza. In the previous year, Israel raided the fleet and arrested hundreds of individuals, including Swedish activist Greta Thunberg.
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