Iran Warns of Military Response to US 'Naval Blockade Plan,' International Oil Prices Spike Short-Term

BlockBeats News, April 29th, according to Iran's official media Press TV, a senior Iranian security official stated that the United States is trying to disrupt Iran's oil exports by implementing a maritime blockade around the Strait of Hormuz, and Iran will respond with an "unprecedented" military action.

Prior reports indicated that Trump has instructed aides to explore a long-term maritime blockade against Iran to further weaken Iran's financial and energy export capabilities.

Impacted by the news, WTI and Brent crude oil prices surged nearly 4% intraday. The market is concerned that an escalation of the Middle East situation could threaten the security of key energy shipping lanes such as the Strait of Hormuz and the Strait of Mandeb, further driving up global energy prices.