Amid the ongoing conflict in the Middle East, crude oil prices have reached $120 per barrel—the highest level seen in four years. According to the latest data, the price of Brent crude rose to around $119.76 per barrel, its highest level since June 2022. According to *The Guardian*, the reason for this surge was a statement by President Trump, in which he announced that the United States would continue its military blockade of Iranian ports. He stressed that the blockade would continue until Iran reaches an agreement regarding its nuclear program.
This decision has a direct impact on the ongoing tensions in the Strait of Hormuz—one of the world’s most important oil supply routes—which has further increased uncertainty over oil supplies. Meanwhile, reacting to the rise in oil prices, Iranian Parliament Speaker Mohammad Baqer Ghalibaf said sarcastically that the next stop would be $140 per barrel. He commented that President Trump is getting bad advice from his own advisors. He also mocked US Treasury Secretary Scott Besant, and attributed the surge in oil prices to advice he gave.
America spent $25 billion on Iran conflict
The United States has already spent $25 billion on the conflict with Iran in the past two months. A senior US Defense Department official, Jules W. Hurst gave this information during a hearing before the House Armed Services Committee on Wednesday. According to Hurst, a large portion of this total expenditure was allocated to weapons, missiles and ammunition.
5 major updates of the last 24 hours…
1. Trump shared a picture posing with a rifle
US President Donald Trump issued a warning to Iran by posting a picture of himself holding a rifle in his hand. The photo was accompanied by the caption: “No more ‘Mr. Nice Guy’.”
2. Swedish PM questions American strategy
Swedish Prime Minister Ulf Christerson said that the United States appears to have no clear strategy regarding the conflict with Iran.
3. Iran files complaint against America in UN
Iran has filed a complaint with the United Nations, accusing the US of seizing a ship and taking possession of 3.8 million barrels of oil.
4. 1.2 million people in Lebanon at risk of starvation
A UN report says that due to conflict, displacement and economic pressure, more than 1.2 million people in Lebanon may face food crisis.
5. Phone conversation between the Foreign Ministers of India and Iran
Foreign Minister S. Jaishankar and Iranian Foreign Minister Abbas Araqchi spoke over phone about the ceasefire, bilateral relations and the regional situation.