Pezeshkian says US blockade ‘doomed to fail’

Oil prices fell in Thursday morning trading after a small, sharp rise around midnight in Europe, just after trading closed on Wall Street on Wednesday.

Brent crude prices remained above $110 (about €102) for most of the morning, before briefly clearing $120 early in the day. Meanwhile, West Texas Intermediate prices remained just below $110.

The US military’s Central Command, which is responsible for operations in the region, issued a statement late on Wednesday saying that its blockade against Iran is bearing fruit.

“Today, U.S. forces achieved a significant accomplishment after successfully redirecting the 42nd commercial vessel attempting to violate the blockade,” Admiral Brad Cooper said in a statement published online. He called it a “reflection of the excellent work” of U.S. troops to prevent maritime commerce from entering or exiting Iranian ports.

“There are currently 41 tankers holding 69 million barrels of oil that the Iranian regime cannot sell,” Cooper said. “This is more than the estimated $6 billion that Iran’s leadership cannot financially benefit from.”

He concluded that the blockade was “highly effective”.

Iranian President Masoud Pezeshkian has said that the US naval blockade of Iranian ports will increase disruption in the Gulf and will not achieve its objectives.

“Any attempt to impose a maritime blockade or embargo is contrary to international law… and is doomed to failure,” Pezeshkian said in a statement.

He also said that these measures “will not only fail to enhance regional security, but are actually a source of tension and disruption of lasting stability in the Persian Gulf.”

Shortly after the ceasefire the US declared a naval blockade on April 13, preventing a more dynamic war with Iran. Meanwhile the White House and the US military argue that it is effective and restricting Iran’s oil trade.

Iran’s military holds the strategic Strait of Hormuz, home to a large share of global oil and gas exports, and has also threatened to “retaliate” unless the US lifts the blockade, though without specifying how it might respond.

Oil Minister Mohsen Paknejad told state TV that the blockade would yield “no results” to the US, adding that industry workers were working around the clock “to ensure there are no problems providing services”.

Hello and thanks for joining us, here’s a quick recap to get you up to speed this Thursday.

Thursday’s surge came after oil prices surged late Thursday, sending the price of Brent crude above $120 (about €102) a barrel overnight, its highest level since 2022, and following jitters over Russia’s invasion of Ukraine.

Iran’s rial has also fallen to a record low against the US dollar as the war continues to impact the national economy.

The Pentagon estimates that America has suffered a loss of $25 billion so far in the war.

US Defense Secretary Pete Hegseth faced hours of questions from lawmakers on the House Armed Services Committee, striking an aggressive tone in the face of critical comments as he described Democrats and “some Republicans” as “reckless, reckless and defeatist.”

Meanwhile, President Donald Trump praised productive phone calls with both India’s Narendra Modi and Russia’s Vladimir Putin, and also said that although the UAE’s decision to withdraw from the OPEC oil cartel was “great”, he predicted it would lead to lower gas and oil prices.

Meanwhile, the armistice more or less continued, with another day passing without any hostilities apart from attempts to disrupt shipping in the Persian Gulf.