Iran signals oil could hit $140 as Hormuz tensions escalate amid US blockade

Oil markets are facing renewed uncertainty as Iran warned that crude prices could surge to as high as $140 per barrel if current tensions around the Strait of Hormuz continue. The warning comes as the United States maintains its blockade in the region, while Iran has indicated it will not reopen the key shipping route or resume negotiations unless restrictions are lifted.

Senior Iranian leadership criticized the US approach, suggesting that the blockade strategy is contributing to rising oil prices, which have already moved past the $120 level. Officials also emphasized the difficulty of isolating Iran, pointing to the country’s extensive borders and strategic positioning.

The ongoing standoff has already pushed Brent crude above $110 per barrel this week, as markets react to supply concerns and the risk of further escalation. Reports also indicate that US leadership is evaluating additional measures, adding to uncertainty around the situation.

Although prices saw some pullback after recent highs, they remain on track for a strong weekly gain, reflecting continued geopolitical risk premium in the market.

Iran has maintained a firm stance throughout the crisis, reinforcing its position through strong political messaging. The situation remains tense, with global energy markets closely monitoring developments, as any further escalation or prolonged disruption in the Strait of Hormuz could have a significant impact on oil supply and pricing worldwide.

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