On Sunday, oil prices jumped following a statement by an Iranian official who said that the Strait of Hormuz would not be restored to its original state, regardless of the circumstances. The price of Brent crude, the international benchmark, increased by approximately 2.14% to $107.58. American oil rose by 2.08%, reaching $96.36. During a meeting with Pakistani Prime Minister Shehbaz Sharif, Iranian President Masoud Pezeshkian expressed his concern about the ongoing actions of the United States, which, in his words, undermine trust and hinder dialogue between the countries. This was reported by Iranian state television. These statements followed a week after Iran accused the United States of breaching trust and closing the Strait of Hormuz. Pezeshkian emphasized that Iran has no intention of entering into negotiations with the US under pressure and insists on the cessation of the American naval blockade of Iranian ports before any agreements are reached. On Saturday, President Donald Trump canceled a planned meeting with the US envoy in Islamabad because Iran did not agree to direct negotiations. Trump suggested that the reason for the cancellation was “internal conflicts” among Iranian leaders. Peace talks have stalled with the two-month mark of the war, which has prolonged oil disruptions and contributed to rising gas prices worldwide. “We realized that if we put our foot on the throat of the Strait of Hormuz and Bab el-Mandeb, 25% of the global economy will suffer,” stated the Deputy Speaker of the Iranian Parliament, Ali Nikzad, according to Iranian semi-official media on Sunday. The average price for a gallon of gasoline on Sunday was $4.10, according to AAA data. Although this is less than the recent peak, prices have risen by approximately 27% since the start of the war.
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