Iran’s Revolutionary Guards said on Tuesday they would not let any oil be shipped from the Middle East if United States and Israeli attacks continue.
According to Reuters, this prompted President Donald Trump to say the US would hit Iran much harder if it blocked exports.
The rhetoric did little to quell a fall in crude prices and a rally in global shares after Trump hinted that the war may end soon.
What Iran is sayingÂ
The Islamic Revolutionary Guards Corps said it would not allow any oil to leave the region if attacks from the US and Israel continue.
- “We are the ones who will determine the end of the war,” a spokesperson said, describing Trump’s comments as “nonsense,” according to state media.
Following this, Trump repeated his warning in a late Truth Social post.
- “If Iran does anything that stops the flow of oil within the Strait of Hormuz, they will be hit by the United States of America 20 times harder than they have been hit thus far,” he said.
More insights
Trump said on Monday that the US had inflicted serious damage on Iran’s military.
He also predicted the conflict would end before the initial four-week timeframe he had set out, although he has not defined what victory would look like.
Israel says its war aim is to overthrow Iran’s system of clerical rule.
- “Our aspiration is to bring the Iranian people to cast off the yoke of tyranny,” Israeli Prime Minister Benjamin Netanyahu said in a statement issued by his office on Tuesday.
- “In the end, that depends on them. But there is no doubt that through the actions taken so far we are breaking their bones — and our hand is still extended,” he said.
- “If we succeed together with the Iranian people, we will bring about a permanent end — if such things exist in the life of nations.”Â
What you should know Â
Iran on Monday appointed Mojtaba Khamenei as the country’s new supreme leader, succeeding his father, Ali Khamenei, as the ongoing conflict involving Iran, the United States, and Israel continues to escalate.
Analysts believe the move further signals a tightening hardline grip in Iran amid the crisis and appears to run counter to the interests of the Trump-led United States.
- Trump has said US attacks could increase sharply if Iran sought to block tanker traffic through the Strait of Hormuz, which handles one-fifth of the world’s oil supply.
- The Strait is the world’s most vital oil export route, connecting the biggest Gulf oil producers with the Gulf of Oman and the Arabian Sea.
- The war has already effectively shut the Strait of Hormuz, leaving tankers unable to sail for more than a week and forcing producers to halt pumping as storage facilities fill.
Brent crude futures fell more than 10% on Tuesday after soaring by as much as 29% on Monday to their highest level since 2022. Global stock markets also bounced.
The price of gasoline has particular political resonance in the United States, where voters cite rising costs as a top concern ahead of the November midterm elections, when Trump’s Republicans will try to keep control of Congress.
A Reuters/Ipsos poll released Monday found that 67% of Americans expect gas prices to rise over the coming months, and only 29% approve of the war.
