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Iran says it will block Strait of Hormuz navigation under sanctions
The remarks came as WTI crude was up 2.2% on the day to $91.50, underscoring oil-market sensitivity to Strait-of-Hormuz risk.
Iran President Masoud Pezeshkian said the country will not allow freedom of navigation through the Strait of Hormuz while sanctions and a US blockade remain in place, according to a report cited by FXStreet.
Pezeshkian said Iran is ready to resume talks aimed at ending the nearly seven-month conflict with the United States, but would not respond to threats.
He also said Iran is not interested in building an atomic weapon, but it will not give up its right to develop nuclear technology for economic development, while blaming the US and Israel for stoking global instability and for alleged illegal attacks on Iranian civilians and infrastructure.
As the comments circulated, FXStreet noted WTI crude was up 2.2% on the day at $91.50.
Latest closeWTI crude $91.79 ▼3.0%