LATEST: Oil prices rise after announcement of further closure of the Strait of Hormuz
Latest Developments:
Global attention remains focused on this evolving story as officials and analysts assess the broader implications.
The price of oil is taking another hit. A barrel of Brent from the North Sea has just jumped more than 4% to settle at $79.13. This is the consequence of the announcement this weekend by Iran of a new closure until further notice of this strategic passage. After almost 40 days of bombing in a conflict triggered by Israeli-American strikes on February 28, a ceasefire came into force in April, before being ratified on June 17 by a memorandum of understanding signed by Washington and Tehran despite regular skirmishes around the strait. But since July 7, when attacks took place against ships trying to cross the Strait of Hormuz, clashes between the two countries have resumed. Efforts “reduced to nothing” The United States accuses Iran of having hit the GFS Galaxy, a container ship flying the Cypriot flag, in the strait during the weekend. Iranian diplomacy has “strongly condemned” the latest American bombings on large areas of western and southern Iran, notably the island of Qeshm and Bandar Abbas, near Hormuz, but also the Khuzestan province bordering Iraq. She accuses Washington of having “ruined all the efforts of recent months” aimed at restoring peace in the region. In retaliation, the Revolutionary Guards said they had bombed military bases in the Gulf used by the American army in Jordan, Bahrain and Kuwait. António Guterres, the Secretary General of the UN, had earlier urged Washington and Tehran to “utmost restraint” and to “urgently resume negotiations”. “More important than atomic bombs” This text of agreement provided for a reopening of the strait, through which a fifth of the world’s crude previously transited. Tehran, however, only allows one navigation corridor along its coasts, threatening ships bypassing this route, and wishes to establish rights of passage. “This strategic passage is more important than dozens of atomic bombs, and the Islamic Republic of Iran will protect it,” warned the military advisor to the Iranian supreme leader, Mohsen Rezaï, quoted by the ISNA agency. The American command for the Middle East assured that it remained open: “Iran does not control the strait” and maritime traffic is operating, according to it.
International Perspective:
Analysts believe this development may influence future diplomatic, political, or economic discussions internationally.
International media coverage is expected to intensify as more updates become available from official sources.
Our editorial team will continue tracking this story as new reports become available.
Source: This article was originally published by 20Minutes – Actu Monde and adapted for our international English-speaking audience.
Read the original article here.