Iran has warned the world that it cannot and would not guarantee safe passage through the Strait of Hormuz if the United States continues to attempt to restrict Tehran’s oil exports.
Following a weekend of twists and turns and escalating tensions, Iran’s First Vice President, Mohammad-Reza Aref, early on Monday said that security at the Strait of Hormuz comes at a cost.
“The security of the Strait of Hormuz is not free. One cannot restrict Iran’s oil exports while expecting free security for others,” Aref wrote in a post on X.
“The choice is clear: either a free oil market for all, or the risk of significant costs for everyone,” the senior Iranian official said.
“Stability in global fuel prices depends on a guaranteed and lasting end to the economic and military pressure against Iran and its allies,” Aref concluded in the post on X.
Following a respite for a few hours on Friday, the Strait of Hormuz was closed again on Saturday after Iran linked the opening of the vital oil shipping lane to the lifting of the U.S. naval blockade outside the Strait of Hormuz.
After plunging by 10% on Friday, oil prices rebounded by 5% early on Monday in Asian trade after the U.S. Navy intercepted an Iranian vessel it accused of attempting to break its blockade.
“Maritime conditions in and around the Strait of Hormuz have deteriorated sharply again, with the brief signal of reopening now overtaken by renewed closure, vessel attacks, and large-scale course reversals,” maritime intelligence firm Windward said in a daily note on Sunday.
The renewed escalation, including threats from the Iran-aligned Houthis to close the Bab el-Mandeb Strait on the Red Sea and thus cut off the alternative route for Saudi oil shipments, delays the moment when oil exports from the Middle East could start flowing again.
By Tsvetana Paraskova for Oilprice.com
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