Iranian forces “will not allow” oil exports produced in the region to allied countries of the United States and Israel for as long as the war in the Middle East continues, a spokesperson for Iran’s Revolutionary Guards announced today. “Iranian armed forces (…) will not allow the export of even one liter of oil from the region to the enemy camp and its allies until further notice,” stated Ali Mohammad Naini, spokesperson for the Revolutionary Guards, as reported by Tasnim agency.
Sharp increase in oil prices follows Strait of Hormuz closure
It should be noted that navigation through the strategically important Strait of Hormuz, through which approximately 20% of global crude oil usually passes, has been severely disrupted following the outbreak of war on February 28 and the beginning of American and Israeli strikes against Iran. Tehran responded with drone and missile strikes against Israeli and American interests throughout the Middle East region and repeatedly targeted oil tankers passing through the Strait.
Oil prices surged dramatically, exceeding $100 per barrel—the highest level since Russia’s invasion of Ukraine in 2022—before declining again yesterday following statements by US President Donald Trump, who implied that military operations in Iran would end “soon.”
“Their attempts to reduce and control oil and natural gas prices will be temporary and futile. In times of war, trade depends on regional security,” Naini declared.
Yesterday, Monday March 9, in the evening, the Revolutionary Guards called on Arab and European countries to expel US and Israeli ambassadors in order to be allowed passage through the Strait of Hormuz.
“Any Arab or European country that expels US and Israeli ambassadors from its territory will have full freedom and transit permission through the Strait of Hormuz starting tomorrow,” the Revolutionary Guards emphasized.
“Catastrophic consequences”
Meanwhile, Saudi Arabian oil company Aramco, the world’s top oil exporter, warned today that there will be “catastrophic consequences” for global oil markets if the war in Iran continues to disrupt navigation through the Strait of Hormuz.
The blockade of the Strait has caused problems in the shipping and insurance sectors and threatens to have serious impacts on air transport, agriculture, the automotive industry, and other sectors, stated Aramco CEO Amin Nasser to journalists.
Nasser observed that global oil reserves are at their lowest level in the past five years, adding that it is critical to restore safe passage through the Strait.
“There will be catastrophic consequences for global oil markets and, the longer the disruption lasts, the more drastic the consequences will be for the global economy,” he emphasized.
Nasser also said that a small fire that broke out following an attack last week at Aramco’s Ras Tanura refinery, the company’s largest domestic refinery, was quickly extinguished, while adding that the facility restart process has begun.
15% drop in European natural gas prices following Trump statements
European natural gas prices fell approximately 15% today, following the decline in oil prices, after reassuring statements by US President Donald Trump that the war with Iran is nearing its end.
Shortly after trading began at 09:00 Greek time, the Dutch TTF, the European benchmark price, recorded a 14.61% decrease to €48.21 per megawatt-hour.
This market turnaround was recorded following Donald Trump’s unexpected statement at the end of yesterday, in which he assured that the war “will end soon.”
