By Our Correspondent
National News – Iran has declared it will halt all oil exports from the Gulf amid ongoing hostilities with the United States and Israel, signaling a major escalation in the Middle East conflict.
The announcement comes after Iranian missile strikes on Israel and Gulf states, following US-Israeli operations that killed Iran’s previous supreme leader.
This military standoff has triggered a sharp surge in global oil prices, creating concerns for energy markets worldwide.
The Islamic Republic’s Revolutionary Guards Corps (IRGC) emphasized that it will block “a single litre of oil” from leaving the region until its conditions are met, contradicting President Donald Trump’s earlier claims that the conflict would soon end.
Iranian Foreign Minister Abbas Araghchi reaffirmed Tehran’s readiness to continue missile attacks against US and Israeli targets, dismissing further diplomatic engagement with Washington.
Oil markets reacted dramatically to these developments. On Monday, crude prices briefly jumped above $100 per barrel, before falling after Trump suggested partial sanctions relief and engaged with Russian President Vladimir Putin.
Meanwhile, European gas prices dropped 15 percent following Trump’s optimistic statements, while Asian stock markets rebounded.
However, Egypt raised fuel costs by 30 percent, and Pakistan announced naval escorts for commercial shipping in response to heightened risks in the Gulf.
Israel’s Prime Minister Benjamin Netanyahu warned that the conflict is far from over and expressed hope that the Iranian populace might challenge the government.
France is coordinating with allies to reopen the strategic Strait of Hormuz, while Turkey deployed NATO Patriot missiles after intercepting ballistic threats in its airspace.
The Tehran-backed Kataeb Imam Ali group in Iraq reported the deaths of four fighters due to “American aggression,” reflecting the war’s spread beyond Iran’s borders into neighboring countries.
As tensions continue, global markets and regional security remain fragile.
The combination of military escalation, strategic oil disruptions, and international diplomatic maneuvering signals a prolonged period of uncertainty for the Gulf and global energy supply.
