Iran Escalates Strait of Hormuz Blockade, Accuses US of Undermining Trust, Global Oil Prices Rise

Deep News
Apr 28

An Iranian official warned that the Strait of Hormuz will "absolutely not" return to its previous state of navigation, prompting an increase in international oil prices on Sunday.

The international benchmark Brent crude rose approximately 2.14% to $107.58 per barrel, while US crude increased 2.08% to $96.36 per barrel.

According to a report from Iranian state television, Iranian President Masoud Pezeshkian told Pakistani Prime Minister Shehbaz Sharif on Sunday that current US actions are undermining mutual trust and complicating the path to dialogue. One week prior, Iran had accused the United States of "undermining trust" and had once again blockaded the Strait of Hormuz.

Pezeshkian also stated that Tehran will not engage in "forced negotiations" with the US, and an agreement is only possible if Washington lifts its maritime blockade of Iranian ports.

Meanwhile, following Iran's refusal to hold direct talks, US President Donald Trump abruptly canceled a trip by a US envoy to Islamabad on Saturday. Trump partly attributed this cancellation to "internal strife" within the leadership in Tehran.

As the conflict approaches two months, peace negotiations remain stalled, oil supply disruptions persist, and global gasoline prices continue to climb.

Iranian Parliament Deputy Speaker Ali Nikzad told a semi-official Iranian media outlet on Sunday, "We know that by controlling the strategic choke points of the Strait of Hormuz and the Bab el-Mandeb Strait, 25% of the global economy will be impacted."

Data from the American Automobile Association (AAA) showed that the US average gasoline price was $4.10 per gallon on Sunday. Although this represents a decline from recent peaks, it is still approximately 27% higher than before the conflict began.

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Most Discussed

  1. 1
     
     
     
     
  2. 2
     
     
     
     
  3. 3
     
     
     
     
  4. 4
     
     
     
     
  5. 5
     
     
     
     
  6. 6
     
     
     
     
  7. 7
     
     
     
     
  8. 8
     
     
     
     
  9. 9
     
     
     
     
  10. 10