Iran says ‘new equation’ is solidifying in the Strait of Hormuz

Iran's Parliament Speaker Mohammad Bagher Ghalibaf said on Tuesday that a "new equation" is solidifying in the Strait of Hormuz, blaming the US and allies for jeopardizing energy transit by violating a ceasefire and imposing a blockade.

"The new equation of the Strait of Hormuz is in the process of being solidified. The security of shipping and energy transit has been jeopardized by the United States and its allies through the violation of the ceasefire and the imposition of a blockade; of course, their evil will diminish. We know full well that the continuation of the status quo is intolerable for America; while we have not even begun yet,” said Ghalibaf on X.

Market reaction

At the time of writing, the West Texas Intermediate (WTI) is down 0.77% on the day at $101.60.