Iran’s parliament speaker, Mohammad Bagher Qalibaf, has escalated tensions by asserting that the country has “not even started” its standoff over the Strait of Hormuz, a critical maritime route for global oil supply. This statement follows recent skirmishes between the U.S. and Iran, with the U.S. military actively repelling Iranian attacks while escorting vessels through the strait. As a result, West Texas Intermediate (WTI) crude oil prices have surged over 4%, hovering around $105 per barrel.

The ongoing conflict has significant implications for energy markets, particularly as the Strait of Hormuz remains effectively closed to most vessels. Analysts from Eurasia Group warn that without a U.S.–Iran deal, the closure could persist, maintaining upward pressure on oil prices. Chevron’s CEO highlighted tightening global oil supplies, which have already driven U.S. crude prices up by more than 80% this year, as millions of barrels have been removed from the market.

Market professionals should prepare for continued volatility, with Brent crude potentially reaching $150 per barrel if tensions escalate further. The current price levels may trigger profit-taking, while the psychological $100 support remains critical. Investors should closely monitor geopolitical developments, as rising energy costs could influence inflation and monetary policy decisions by the Federal Reserve.

StoxFeed tracks this as a market signal: Oil prices are responding to OPEC decisions and geopolitical tensions

Source: xtb.com