With the outbreak of hostilities in the Middle East, Iran claims that it is ready for a more intense war, heightening market concerns that the energy supply in the Strait of Hormuz may be more severely disrupted. Brent crude oil futures are approaching 102 US dollars per barrel. This global benchmark has been rising for five days and closed above three digits for the first time since July last year on Wednesday. WTI crude oil futures hovered around $97 per barrel. According to a senior Islamic Republic of Iran official, Iran has no intention of backing down in the face of the US naval blockade. If the US continues to attack its territory, Iran will escalate its attacks.

With the outbreak of hostilities in the Middle East, Iran claims that it is ready for a more intense war, heightening market concerns that the energy supply in the Strait of Hormuz may be more severely disrupted. Brent crude oil futures are approaching 102 US dollars per barrel. This global benchmark has been rising for five days and closed above three digits for the first time since July last year on Wednesday. WTI crude oil futures hovered around $97 per barrel. According to a senior Islamic Republic of Iran official, Iran has no intention of backing down in the face of the US naval blockade. If the US continues to attack its territory, Iran will escalate its attacks.