Iran Vows to Block All Gulf Oil Exports
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- The IRGC warned it 'will not allow the export of a single litre of oil from the region to the hostile side and its partners until further notice,' declaring 'it is we who will determine the end of the war' in a statement tied to new supreme leader Ayatollah Mojtaba Khamenei.
- Trump contradicted himself within hours, first telling reporters 'It's going to be ended soon,' then posting on social media that continued Iranian interference would trigger strikes making it 'virtually impossible for Iran to ever be built back, as a nation, again' — invoking 'Death, Fire, and Fury.'
- Oil prices had surged past $100 per barrel on Monday, briefly up 30% on the day, before falling back after Trump's intervention; European gas prices then opened 15% lower and Asian markets recovered from Monday's slump.
- Egypt raised fuel costs by up to 30% and Pakistan announced naval escorts for commercial shipping in response to the crisis, while NATO began deploying a Patriot air defence system in central Turkey after two ballistic missiles were intercepted in Turkish airspace.
- Iran's Foreign Minister Abbas Araghchi ruled out future US diplomacy, telling PBS: 'I don't think talking with Americans anymore would be on our agenda,' while vowing continued missile strikes 'as long as needed and as long as it takes.'
- Netanyahu predicted the conflict would continue, expressing hope the Iranian people would 'cast off the yoke of tyranny' and claiming Israeli strikes were 'breaking their bones.'
- France's Macron announced a 'purely defensive' mission to escort ships through the Strait of Hormuz — through which nearly 20% of the world's crude oil transits — 'after the end of the hottest phase of the conflict.'
Why it matters: The conflict has pushed oil past $100 per barrel and forced Egypt to raise fuel prices by up to 30%, with the Strait of Hormuz — carrying nearly 20% of global crude — now an active military zone. Iran's vow to 'determine the end of the war' makes Trump's market-calming rhetoric and any near-term diplomatic off-ramp appear fundamentally unreliable to traders and Gulf states alike.
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