Iran Warns Strait of Hormuz Closure 'Not Off the Table' as Sanctions Tighten
Tehran's foreign ministry escalated rhetoric on Monday, sending Brent crude surging past $88 and rattling global energy markets already on edge.
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What happened
Iran's foreign ministry issued a stark warning Monday that closing the Strait of Hormuz remains an option if Western sanctions continue to tighten, sending oil prices sharply higher and reigniting fears of a global energy shock.
The statement, delivered during a press briefing in Tehran, marks the most direct threat to the vital shipping lane in months. Brent crude jumped more than 2% on the news.
Why it matters
The Strait of Hormuz handles roughly 20% of the world's daily oil supply. Even a partial closure would send prices soaring past $120 per barrel within hours, according to energy analysts.
Market reaction
- Brent crude: +2.1% to $88.42
- WTI crude: +1.9% to $84.17
- Defense stocks: Lockheed Martin, RTX rally
- Safe havens: Gold bid higher
What to watch
The Pentagon is expected to respond within 24 hours. Any indication of military posturing near the strait could trigger another leg higher in energy markets.