59 resultsfor “Impact of US blockade on oil prices and Iran”
oil prices above $120 a barrel and driving US petrol prices to a four-year high. Here is what we know as the conflict enters day 62: ## In Iran - **Iran speaker dismisses blockade’s impact
blockade brings two main risks: - It drives up oil and gas prices yet again - The ceasefire collapses, full-scale war breaks out again between the US and Iran, also impacting
oil prices have fluctuated, peaking at [almost $120](https://www.theguardian.com/business/2026/apr/12/iran-war-oil-energy-prices-inflation-washington-world-bank-imf) a barrel, up from $60 at the start of the year, as the US and Iran took turns at closing and blockading the strait
Iran accustomed to harsher sanctions:** Analysts say Tehran entered the blockade prepared, with oil stockpiled at sea, high prices cushioning the impact, and a large domestic market, noting the country is used to “much harsher
Oil prices [surged by 6% on Wednesday](https://www.bbc.com/news/articles/cj4pxr0gr02o) following reports that Washington is preparing for an "extended" blockade of Iran. The BBC also understands that energy executives met Trump on Tuesday to discuss
US-Israel war on Iran](https://www.theguardian.com/world/us-israel-war-on-iran).** Earlier on Tuesday, the International Monetary Fund (IMF) [cut its growth forecasts for 2026](https://www.theguardian.com/business/2026/apr/14/iran-war-global-recession-imf-uk-growth-forecasts-oil-prices) based on the impact of the war and said
Iran’s seizure of the two container ships, with the two sides continuing to impose competing blockades on the strait, keeping global oil prices at about $100 (£74) a barrel. While US forces have proved
blockade for months if needed and minimize impact on American consumers,” the White House official said. News of Trump’s talks with oil executives triggered concerns in the market of an extended disruption to oil
blockade of the Strait of Hormuz](/news/2026/4/14/fao-warns-strait-of-hormuz-disruption-risks-triggering-a-global-food-crisis) drives the worst energy crunch in modern history, leading governments to scramble to unload their emergency oil stockpiles, developing countries are among the least prepared to mitigate
impacted energy supplies. Since early March, Iran has also restricted passage through the [Strait of Hormuz](/news/2026/5/9/on-level-of-atomic-bomb-iran-highlights-hormuz-importance-amid-us-talks), the narrow waterway through which 20 percent of the world’s oil and liquefied natural gas supplies passed
US-enforced blockade](https://www.theguardian.com/world/2026/apr/19/trumps-sends-delegation-to-pakistan-for-possible-new-round-of-iran-war-talks) near the strait of Hormuz shipping channel had been seized. He wrote on social media: “We have full custody of their ship, and are seeing what’s on board
oil and gas normally passes, has been effectively shut since late February, triggering the increase in energy prices. On Wednesday, the US president, Donald Trump, wrote on social media that “assuming Iran agrees to give
oil, rice and chicken – tripling in price over the past year. In recent weeks, prices for food, medicine, electronics, cars and petrochemical products have risen to new heights. The general impact on the Iranian economy
price is right, and with Trump’s short-termism and disregard of traditional US allies, Xi could be persuaded to take a more vocal line vis-a-vis Iran,” Loss said. “Taiwan might
impact of the United States-Israeli war on Iran and the shutdown of the Strait of Hormuz on the world economy. The war has damaged energy infrastructure across the Gulf, while critical exports like oil
oil from the Gulf region, which has largely stopped since the US and Iran blockaded the Strait of Hormuz. And, in Lebanon, which had already been suffering from an economic crisis, there is less work
impact of the Iran war, in particular March's inflation figures, dashed any hope of an imminent interest rate cut by the Federal Reserve. The central bank kept its base rate, which affects mortgage
impact of a global energy shock and providing relief to customers affected by shipping constraints in the strait of Hormuz.” The strait, through which about a fifth of the world’s oil and gas supply
impact from the Iran conflict and “short-term adjustments to travel plans”, the airport said. However, the number of transfer passengers transiting for onward flights rose 10% in April year-on-year, as travellers rerouting
blockade of the key Strait of Hormuz, designed to put additional pressure on Iran. Asked whether the UK and US's growing differences over the conflict had affected the "special relationship" between the two countries