Oil prices plunged again—this time Iran issued tough remarks. In the early hours of August 24, as the Asia-Pacific market just opened, international oil prices fell across the board. Both WTI crude oil futures and Brent crude futures dropped by more than 1%. Spot gold surged briefly before turning lower; during the day it fell below $4,600. As of the time of writing, it was at $4,597.230 per ounce, down 0.12%.
The news is loaded with tension. In his latest comments, Iranian President Pezeshkian said Iran would use a rational approach to break out of the “neither war nor peace” situation. At the same time, in response to the “unprecedented economic war” that Trump had previously announced, Iran directly played its ace card—oil. On local time the 23rd, Rezaeī, Secretary of the Supreme National Security Council of Iran, said: if the United States continues the economic war, not a drop of oil will be exported from the Strait of Hormuz—or even the entire Persian Gulf region.
The Strait of Hormuz is the choke point for global oil transportation. The moment this was said, markets instantly grew tense. Oil prices fell on the news, and gold also began to trade in a volatile range. Once again, the situation in the Middle East has thrown the global energy market into turmoil.
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The news is loaded with tension. In his latest comments, Iranian President Pezeshkian said Iran would use a rational approach to break out of the “neither war nor peace” situation. At the same time, in response to the “unprecedented economic war” that Trump had previously announced, Iran directly played its ace card—oil. On local time the 23rd, Rezaeī, Secretary of the Supreme National Security Council of Iran, said: if the United States continues the economic war, not a drop of oil will be exported from the Strait of Hormuz—or even the entire Persian Gulf region.
The Strait of Hormuz is the choke point for global oil transportation. The moment this was said, markets instantly grew tense. Oil prices fell on the news, and gold also began to trade in a volatile range. Once again, the situation in the Middle East has thrown the global energy market into turmoil.
#Follow4Follow# #Follow and I’ll Reply#
