'$140 next': Iran warns as oil prices reach historic high
What's the story
Iran's Parliament Speaker Mohammad Bagher Ghalibaf has criticized the United States's economic pressure strategy, attributing the rise in global oil prices to it. He blamed "junk advice" from US officials, including Treasury Secretary Scott Bessent, "who also pushed the blockade theory and cranked oil up to $120+." According to Ghalibaf, this strategy could increase the oil price per barrel to $140. "Next stop: 140. The issue isn't the theory, it's the mindset," he wrote on X.
Blockade criticism
Ghalibaf mocks US's blockade strategy in Strait of Hormuz
Ghalibaf also mocked the US's blockade strategy in the Strait of Hormuz, which was aimed at Iranian oil exports. He sarcastically noted that despite President Donald Trump's prediction on April 26 that Iran's oil wells would "explode," no such event had occurred. "3 days in, no well exploded. We could extend to 30 and livestream the well here," he wrote on X.
Economic pressure
US hopes blockade will force Iran to cut production
Trump had ordered the US military this month to enforce a naval blockade of Iranian ports and the Strait of Hormuz, aiming to halt maritime trade and compel nuclear negotiations following failed talks The US hopes the blockade will force Iran to either cut production and lose revenue or risk infrastructure damage. However, the blockade has also led to a supply crunch in Gulf oil, pushing Brent crude prices up by 6% to $118 per barrel.
Diplomatic role
Who is Mohammad Bagher Ghalibaf?
Ghalibaf, a former commander of the Islamic Revolutionary Guard Corps Air Force and Tehran mayor from 2005-2017, is known as a "pragmatic" hardliner with strong ties to Iran's security apparatus. He has also been serving as Speaker of Iran's Parliament since 2020. He is currently leading Iran's negotiations with the US on Middle East security and nuclear issues.