New Delhi:On Monday, Iran's parliament speaker, Mohammad Bagher Ghalibaf, criticized US President Donald Trump's announcement of a blockade on Iranian ports as a clear warning to the US. Ghalibaf wrote on social media site X to remind Americans of how high gas prices are and to warn that they could go even higher if tensions rise.
Ghalibaf wrote next to a picture of gas prices near the White House, "Enjoy the current pump figures." "With the so-called 'blockade,' you'll soon miss gas prices of $4 to $5." Ghalibaf also gave a strange equation that said, "ΔO_BSOH > 0 ⇒ f(f(O)) > f(O)."
He sent the formula along with a picture of gas prices in the US to show that even a small rise in the Strait of Hormuz blockade could cause oil prices to rise even more around the world.People on social media said that the post was about how supply problems cause prices to go up, which then leads to more warnings about "future shocks" at the pump.
US military gets ready for a blockadeThe warning came after the US military said it would start blocking all Iranian ports on Monday evening local time. This comes after talks in Pakistan between the US and Iran about a ceasefire failed. US Central Command said that the blockade will affect all ships that go to or leave Iranian ports on the Arabian Gulf and Gulf of Oman. However, ships that go between ports that are not in Iran will still be able to do so.
Mariners have been told to keep an eye on official notices and stay in touch with US naval forces.
Oil prices rise as tensions rise.The news made oil prices go up. West Texas Intermediate rose about eight percent to $104.50 per barrel. Brent crude, on the other hand, rose seven percent to $102.Asian markets were careful, with South Korea's Kospi index dropping 2% and Japan's Nikkei dropping 0.3% in the first few hours of trading.
After Trump agreed to a temporary ceasefire mediated by Pakistan, the markets seemed to have stabilized at first. But when fighting broke out again, things got volatile again.
Talks in Pakistan don't lead to a deal.There was no agreement at the US-Iran talks in Islamabad, which were led by Vice President JD Vance and Ghalibaf. Ghalibaf called the talks "intensive, serious, and challenging," which showed that Iran was very serious about negotiating, but he didn't give many details.
Vice President Vance wanted to make it clear what America's red lines were and where they could be flexible, but Iran's delegates couldn't fully meet those conditions.