Global oil price levels jumped sharply after U.S. President Donald Trump announced the continuation of a naval blockade targeting Iran. The move triggered immediate reactions in international energy markets, pushing crude benchmarks to fresh highs.
Brent crude surged more than 8 percent, reaching around $124 per barrel, marking a multi-year peak. At the same time, U.S. crude rose roughly 7 percent to about $108 per barrel, reflecting growing concerns over supply disruptions and geopolitical instability. Analysts cautioned that the ongoing blockade and stalled diplomatic talks between Washington and Tehran could drive oil price levels even higher in the coming weeks.
Iranian Parliament Speaker and lead negotiator Baqer Qalibaf strongly criticized remarks made by the U.S. Treasury Secretary, calling them baseless and accusing them of fueling the surge in oil price. He warned that if tensions persist, prices could climb further toward $140 per barrel. Qalibaf also dismissed claims that Iran’s oil reserves are under threat, insisting that production will remain stable over the next month.
Previously, the U.S. Treasury suggested that the blockade would significantly impact Iran’s oil sector by depleting reserves and limiting output, potentially causing long-term economic strain.
Meanwhile, Donald Trump stated that phone-based negotiations with Iran are still ongoing. He reiterated that Iran must not acquire nuclear weapons and claimed the United States has already met most of its strategic goals. Trump also made bold assertions regarding damage to Iran’s military assets and economic condition.
Additionally, he revealed discussions with Vladimir Putin about both Iran and Ukraine, adding that U.S. support for conflict resolution depends on Russia ending its military actions.
