World Oil Prices Break $100 per Barrel Again, Iran Affirms Strait of Hormuz Remains Open
TEHERAN — Iran has blamed the United States and Israel for heightened tensions in the Strait of Hormuz. Foreign Minister Abbas Araghchi stated that disruptions to shipping in the Strait of Hormuz, a critical global shipping lane through which one-fifth of the world’s oil passes, result from attacks by the US and Israel.
According to Aljazeera, during a telephone conversation with UN Secretary-General António Guterres on Tuesday 17 March 2026, Araghchi called on every nation and international body concerned with peace and security to condemn the US and Israel, and to demand an “end to their military aggression against the Iranian nation,” according to Iran’s semi-official news agency Tasnim.
Brent crude oil, the international benchmark, rose 2.5 per cent to $105.70 per barrel on Monday 16 March 2026. The increase has surged more than 40 per cent higher than before Israeli military operations began on 28 February.
Several nations are reportedly negotiating with Iran to secure safe passage corridors, following an announcement by a senior Islamic Revolutionary Guard Corps (IRGC) adviser on 2 March that the Hormuz Strait was “closed” and threatening to set fire to transiting vessels.
Araghchi affirmed on Monday that the Strait of Hormuz is “open, but closed to our enemies.”
Iraq’s Oil Minister Hayan Abdul-Ghani told Aljazeera on Tuesday that Iran has reached an agreement with Iraq to allow Iraqi oil tankers to transit the Strait of Hormuz.
US President Donald Trump called over the weekend for a naval coalition to join the US Navy in “securing” the waterway, though no nations have volunteered to join. He specifically threatened NATO member states, stating they would face a “very dark future” if they fail to assist the US.
However, French President Emmanuel Macron reaffirmed on Tuesday that Paris “will never” participate in operations to open the strait blockade amid the ongoing conflict.
“We are not a party to this conflict, and therefore France will never take part in operations to open or free the Strait of Hormuz in the current context,” Macron said at the beginning of a cabinet meeting to discuss the ongoing situation in the region.
He added that after fighting ends, France would be prepared to join an escort system in the Strait of Hormuz, though such a mission would require Iran’s involvement. EU foreign policy chief Kaja Kallas also stated on Tuesday that the European Union is seeking a diplomatic solution to guarantee transit through the Strait of Hormuz and to reduce the impact of rising energy prices on global financial and energy markets.