On Wednesday, global oil prices surged sharply by more than 5% amid heightened military tension between the United States and Iran. The price of the benchmark Brent climbed by $3.9 to reach $78.1 per barrel, while U.S. WTI rose by $3.5 to $74.15. Investors are concerned about the security of supplies from the Persian Gulf region after Washington revoked a license to sell Iranian oil, and both sides exchanged strikes.
The escalation began when the United States carried out airstrikes on Iranian facilities in response to attacks on three commercial vessels in the Strait of Hormuz. In retaliation, Iran’s armed forces, through the “Khatam al-Anbia” command, said that any country that provides its territory for an attack on Iran would be considered a “lawful target.” Both sides continue to accuse each other of aggression, and the situation in the strait remains extremely tense.
In Tuesday’s move, the U.S. Treasury, through the Office of Foreign Assets Control (OFAC), banned any new transactions involving Iranian oil starting July 7. The decision отменяет a temporary license issued on June 21 for 60 days that allowed the sale of Iranian crude. Earlier, a similar relaxation had been introduced after a temporary peace agreement and was in effect until August 21. Now the United States is tightening sanctions pressure.
According to media reports, Iran’s Islamic Revolutionary Guard Corps (IRGC) has attacked the third commercial vessel in the Strait of Hormuz, using drones and short-range missiles. The British Maritime Trade Operations centre confirmed a new incident involving an oil tanker. The U.S. military shot down several Iranian drones. In response, the Joint Maritime Information Centre raised the threat level in the strait to “high,” warning of ongoing attacks and drone activity.
Oil and energy expert Hashim Akhl noted that current events in the Strait of Hormuz directly threaten global energy security, especially liquefied natural gas supplies to Europe. The price rise gained momentum after the day before, prices had increased by 3%. Meanwhile, talks between Washington and Tehran, initiated with mediation by Pakistan and Qatar, have not yet led to any easing, and data from the American Petroleum Institute pointed to a smaller-than-expected decline in U.S. crude inventories.
Comments on the news
What is the Islamic Revolutionary Guard Corps (IRGC) and what role does it play in Iran’s political and military structure? — The Islamic Revolutionary Guard Corps (IRGC) is an elite military-political formation created after the 1979 Islamic Revolution to defend its ideals. Unlike the regular army, the IRGC reports directly to Iran’s Supreme Leader (Rahbar) and has its own land, naval, and air forces, as well as the “Quds” units responsible for operations abroad. The IRGC plays a key role not only in defense but also in politics and the economy (through control of major companies) and in suppressing internal protests, making it one of the most influential institutions in Iran’s system of power.
Why were intermediaries from Pakistan and Qatar chosen for talks between the U.S. and Iran, rather than, for example, countries in the Persian Gulf? — The choice of intermediaries from Pakistan and Qatar is due to their neutral status and historical ties with both sides. Qatar has traditionally served as a bridge between the West and the Islamic world, has diplomatic relations with Tehran and friendly ties with Washington. Pakistan, for its part, supports dialogue with Iran (through cultural and economic connections) and is a U.S. ally in the fight against terrorism. Persian Gulf countries such as Saudi Arabia or the UAE are in direct regional conflict with Iran (for example, over Yemen), which makes them less suitable to play the role of impartial mediators.
What is the “Khatam al-Anbia” command and what are its functions in Iran’s air defense system? — The “Khatam al-Anbia” command (also known as HAAAP) is a unified, centralized Iranian air-defense structure created to coordinate all of the country’s air-defense assets: missile systems, anti-aircraft artillery, and radar stations. Its functions include monitoring airspace, managing fire, protecting nuclear facilities, military bases, and strategic infrastructure, as well as integrating purchased Russian systems (for example, S-300) with local developments (for example, “Bavar-373”). This allows Iran to build a layered defense to repel airstrikes by a potential adversary.
Full version: النفط يقفز بأكثر من 5% بعد هجمات متبادلة بين أمريكا وإيران