Iran promises to continue war and blockade of oil from the Gulf

On the 10^th of March, Iran vowed that no oil would be exported from the Gulf whilst the war continues, contrary to President Trump’s statements that the war would be “ended soon”, reports Al-Monitor.

Iran’s Revolutionary Guards Corps (IRGC) seemed to mock President Trump’s attempt to alleviate the economic impact of the war, threatening: “The Iranian armed forces… will not allow the export of a single litre of oil from the region to the hostile side and its partners until further notice.”, and that they would be the ones to determine when the war would end.

President Trump responded on X with threats to hit Iran “TWENTY TIMES HARDER” if any action to stop the flow of oil within the Strait of Hormuz is taken, and “make it virtually impossible for Iran to ever be built back, as a nation, again.”

Shipping through the Strait of Hormuz, where nearly one-fifth of global oil supply transits, remains interrupted. On the 9th of March, oil prices shot up past $100 a barrel and briefly increased by thirty per cent on the day, prior to Trump’s intervention, which caused a dramatic fall. This fall does not inspire much hope, as experts warn of volatility.

Ipek Ozkardeskaya, an analyst for Swissquote Bank, stated: “Part of yesterday’s optimism came after Trump said the war would end ‘soon’ and that the US was ahead of schedule. Concretely, however, the conflict in the Middle East continues at full speed, political developments are not pointing to a near-term resolution, and there is little clarity about the US plans.”

Europe maintains a divided front, with French President Macron stating on the 9th of March that they were working with their allies on a “purely defensive” mission to reopen the strait, whilst Turkey maintained that NATO was deploying a Patriot air defence system in the centre of the country in response to two ballistic missiles being intercepted in its airspace since the start of the war.

Al-Monitor, X, Maghrebi.org.