Washington and Tel Aviv Underestimated the Hormuz Factor
Washington, Tehran, and Tel Aviv shattered the illusions of global oil markets this past weekend that the current conflict in the Persian Gulf could end in 'two to three weeks,' as US President Donald Trump had announced a few days ago.
TL;DR
- Global oil markets' illusions of a quick end to the Persian Gulf conflict were broken by actions from Washington, Tehran, and Tel Aviv.
- Brent crude oil reached nearly $106 per barrel, and light Texas crude sold for around $101, with warnings of further price hikes if the conflict isn't resolved by June.
- US President Donald Trump criticized Iran's proposal for ending the conflict as 'totally unacceptable,' while Israeli Prime Minister Benjamin Netanyahu reiterated the need to remove enriched uranium from Iran.
- Iran's military announced 'surprise options' if enemies miscalculate, and its President stated that dialogue is not a sign of surrender.
- Iran's Deputy Foreign Minister warned France and Britain against interference in the Strait of Hormuz, asserting Iran's sole ability to ensure security there.