Trump calls for oil prices to be kept down after US strikes on Iran
23 June 2025 18:51
Washington (AFP)US President Donald Trump urged on Monday for oil prices to be kept down as they fluctuated while the world eyes Tehran's response to US strikes on Iranian nuclear facilities."EVERYONE, KEEP OIL PRICES DOWN. I'M WATCHING!" Trump wrote on his Truth Social platform minutes after Wall Street started trading, with major US indexes treading water.Trump cautioned against "playing right into the hands of the enemy."Trump urged the US Energy Department in a separate social media post to "DRILL, BABY, DRILL!!! And I mean NOW!!!"International benchmark crude contract Brent and US equivalent WTI both rocketed more than four percent to their highest price since January when trading opened on Monday.
They later slipped briefly into the red and edged up 0.3 percent as Wall Street opened for trading.
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The National
32 minutes ago
- The National
Iran retaliates against US with 'thwarted' attempt to target its forces in Qatar
Iran attacked a US base in a missile strike "thwarted" by Qatar on Monday, hitting back in the Middle East air war. Qatar said it intercepted missiles fired at Al Udeid air base, 30km from Doha. It said the base used by US forces was evacuated in advance, and there were no casualties. Warning sirens sounded in Bahrain, where people were told to seek shelter in the nearest building. Qatar, Bahrain and Iraq closed their airspace, forcing some flights to turn around. Iran's Supreme National Security Council confirmed the attack on the Qatari base. It said the strike "does not pose any threat or danger to the brotherly and friendly State of Qatar or its honourable people". Missiles were fired at the base 'in response to the blatant and brazen act of aggression committed by the United States against Iranian nuclear sites and facilities", it said. Al Udeid Air Base, about 30km south-west of Doha, hosts more than 10,000 US military personnel, making it the largest American military installation in the Middle East. A US defence official said the base was attacked by short and medium-range ballistic missiles from Iran. They said there were no reports of casualties. The UAE and Saudi Arabia condemned the attack on Qatar. In a statement, the Ministry of Foreign Affairs expressed the UAE's full solidarity with Qatar and its support for all measures aimed at protecting the security and safety of its citizens and residents. The ministry stressed the need for an immediate halt to military action, warning that further escalation would undermine regional security and lead to "disastrous repercussions" for international peace and security. The ministry also called for diplomatic solutions and serious dialogue to overcome the current crises in the region. Qatar's Foreign Ministry said the attack was a "blatant violation of Qatar's sovereignty, airspace, international law and the UN Charter". It said Qatar "affirms its right to respond directly in a manner proportional to the nature and scale of this blatant aggression". "We reaffirm that dialogue is the only way to overcome the current crises and ensure the security of the region and the peace of its people," it said. Bahrain, which hosts the US Navy's Fifth Fleet, said people should remain calm and head to the nearest safe place. Motorists were urged to make way for emergency vehicles. US forces in Kuwait restricted access to key military sites—Camp Arifjan, Camp Buehring, Ali Al Salem Air Base, and Camp Patriot—to essential personnel only. The attack on Qatar came a day after the US bombed three Iranian nuclear sites, entering the air war in an unprecedented strike. Israel and Iran have traded missile fire for 11 days since a surprise Israeli attack on June 13. The Israeli military said it hit "regime targets and agencies of government repression" on Monday, as its war in Iran widens beyond its initial nuclear aims. One strike damaged Evin prison in Tehran, a notorious jail for political prisoners. An Israeli army spokesman said attacks on Tehran would continue in the "coming days". Israel said it had also struck airports, missile factories and and Islamic Revolutionary Guard Corps buildings.
Middle East Eye
36 minutes ago
- Middle East Eye
Why closing the Strait of Hormuz would hurt Iran the most
In the wake of the United States bombing Iranian territory for the very first time, Tehran is considering its options. Iran is weighing up how to retaliate to Washington striking three of its nuclear sites at Fordow, Natanz and Isfahan over the weekend. Among the retaliatory actions is attacking US assets in the region, a move that Iran has begun doing after striking an American airbase in Qatar on Monday. It could also follow through on threats to withdraw from the Non-Proliferation Treaty, an international pact that promotes nuclear disarmament and the use of nuclear energy for peaceful means. Or - in a move similar to its Houthi allies in Yemen - it could damage global trade by disrupting the flow of maritime traffic through the Strait of Hormuz. The Houthis disrupted international trade in the Red Sea for over a year, firing missiles and drones at vessels, in an act of solidarity with Palestinians under Israeli bombardment. New MEE newsletter: Jerusalem Dispatch Sign up to get the latest insights and analysis on Israel-Palestine, alongside Turkey Unpacked and other MEE newsletters Over the weekend, Iran's parliament voted to take a similar approach in the Strait of Hormuz. Ultimately, the vote was non-binding, and the power for such a decision lies with Iranian security officials. But it's a threat that has been taken very seriously by the international community, with Washington, the European Union, the UK and other global players urging against it. While closing the highly strategic strait would give Tehran a powerful lever, analysts believe that it could be Iran itself that suffers the most from such a move. Total or partial disruption The Strait of Hormuz is a narrow maritime channel, around 33km at its narrowest point, between the Musandam peninsula in Oman and Iran. It connects the Persian Gulf to the Arabian Sea, via the Gulf of Oman. It is considered to be within the territorial waters of both Iran and Oman. The strait is described as the most significant oil chokepoint in the world, with around a fifth of global oil output passing through it, and a third of global liquified natural gas (LNG). Roughly 20 million barrels of oil pass through the strait every day, of which around 14 million barrels are crude oil and six million are petroleum products. In addition, more than 10 billion cubic feet of LNG pass through the strait, much of which comes from Qatar. There are a number of different scenarios for how Iran could take action in the Strait of Hormuz. One of them is Iran directly closing the strait, according to Noam Raydan, an expert on maritime risks in the Middle East. Closing it would likely involve mining the shipping lanes with explosive munitions that would explode if they detect passing traffic. Tehran is believed to own thousands of Chinese-made sea mines. A second option would be "carrying out individual maritime attacks", Raydan told Middle East Eye, "aimed at commercial vessels with direct or indirect links to the US, for instance". 'Improved relations with Gulf states would be jeopardised by any attempt to disrupt shipping in the Strait of Hormuz' - Kristian Coates Ulrichsen, analyst Umud Shokri, an energy strategist and visiting fellow at George Mason University, said that such limited or sporadic attacks, or "acts of harassment targeting oil infrastructure, commercial vessels or maritime navigation systems", were much more likely. "These actions would aim to raise pressure without fully closing the vital chokepoint," Shokri told MEE. "It would escalate regional tensions and drive up global energy prices, while avoiding the devastating blowback of a full-scale closure." A third option would be to continue issuing verbal threats, as Tehran is currently doing, without following through on them. "These appear to be sufficient to keep maritime risks high, increase freight rates and keep oil prices jittery," said Raydan. The strait has never been completely closed off, though it has faced disruptions in the past. During the Iran-Iraq war in the 1980s, Iraqi forces attacked Iranian oil tankers near the strait. While Iran threatened to close off Hormuz, it didn't follow through. The war initially led to a 25 percent drop in commercial shipping and a sharp oil price hike. More recently, Iran has seized some ships in both the Gulf as well as the Strait of Hormuz. In the Gulf, Raydan noted that Iran had attacked ships in response to oil disputes with the US, including the seizures of the Greek tankers Delta Poseidon and Prudent Warrior in May 2022. They also seized MSC Aries near the Strait of Hormuz in April 2024. "This ship is believed to have been targeted due to indirect links to Israel," Raydan added. Gulf, Iran and Asia most impacted Saudi Arabia, Iraq, the United Arab Emirates, Kuwait and Qatar are all reliant on the Strait of Hormuz for exporting hydrocarbons. "Closing the Strait of Hormuz would not benefit Iran or its allies, as well as its relations with Gulf Cooperation Council (GCC) countries which appear to be in a good standing so far," Raydan said. While Iran and Gulf countries have historically been major foes, they have sought to build bridges in recent years. That included restoring diplomatic relations with Saudi Arabia two years ago. "Iranian officials may also be mindful of the fact that their improved relations with Gulf states would be jeopardised by any attempt to disrupt shipping in the Strait of Hormuz," Kristian Coates Ulrichsen, an expert on energy in the Middle East and fellow at the Baker Institute, told MEE. Iraq would also be severely impacted. "I would keep my eye on Iraq - OPEC's second biggest oil producer that greatly relies on oil exports from Basra - via Hormuz - for revenues," said Raydan. "Iraq is also home to some Iran-aligned armed groups that could intervene in the current conflict." It's not just Arab neighbours who export oil through the Strait of Hormuz - Iran itself is reliant on the waterway. "Iran has not stopped exporting its own oil via Hormuz since the conflict began, and these are sources of revenues for Tehran," said Raydan. 'Iran has not stopped exporting its own oil via Hormuz since the conflict began' - Noam Raydan, maritime expert Ninety percent of Iran's oil exports are to China, which receives it through the strait. Beijing is one of Iran's key partners on the global stage, so such a move would be both economically and politically destructive. The oil importers most affected by tensions in the Strait of Hormuz are all in Asia. "Roughly 84 percent of the oil passing through the strait is destined for Asian markets," Shokri said. "India receives nearly 40 percent of its crude oil through the strait." As well as China and India, Japan and South Korea receive large amounts of oil via the strait. While Saudi Arabia and the UAE have operational pipelines that can circumvent the Strait of Hormuz, Iran does not. Saudi Aramco operates the East-West crude oil pipeline, while the UAE can connect its onshore oil fields to the Fujairah export terminal on the Gulf of Oman, bypassing Hormuz. While Iran has built the Goreh-Jask pipeline and the Jask export terminal on the Gulf of Oman, it has not been used since 2021 and does not have the capacity to bypass the strait. Raydan noted that in the event that Iran can no longer export oil - for example if its export infrastructure was damaged significantly in an attack - then the risk of more serious Iranian actions along the strait may increase. But most analysts agree that it's quite unlikely that we will see a full shutdown. Ulrichsen does not believe Iran "can or will" close the Strait of Hormuz completely. "This is a standard threat that has been made by officials at various points over the past 40 years," he stated. "While Tehran may continue to use threats or limited disruptions as strategic leverage, it is likely to avoid actions that could provoke harsh responses from powerful regional and global actors," Shokri said.
Middle East Eye
36 minutes ago
- Middle East Eye
US moved aircraft, military equipment from Qatar to Saudi Arabia before attack, source says
The US moved aircraft and heavy equipment from Qatar's Al-Udeid base to stations in Saudi Arabia in the lead up to Iran's retaliatory strike, an official from the region told Middle East Eye. The move, the official said, suggests that the US believed Saudi Arabia would not be targeted by Iranian strikes and points to coordination with Iran to limit the fallout of the attack. Iran provided Qatar with advanced warning of the strike, the official told MEE, but it did not provide the exact timing, the official said. The New York Times earlier reported that Iran provided advanced notice to Qatari officials to minimise casualties. The movement of US assets to Saudi Arabia and reports of coordination point to an effort to de-escalate tensions by Iran. New MEE newsletter: Jerusalem Dispatch Sign up to get the latest insights and analysis on Israel-Palestine, alongside Turkey Unpacked and other MEE newsletters The US began evacuating Al-Udeid last week, Arab and US officials told MEE. The move however suggests that the US had a good understanding of where Iran would potentially target US assets. Al-Udeid hosts roughly 10,000 US soldiers and serves as the regional headquarters for US Central Command (CENTCOM). The US has bases across the Gulf. Iran's decision to target Al-Udeid could be strategic by Tehran, as it seeks to minimise blowback from the Gulf to its attack. Qatar and Iran share South Pars, the world's largest natural gas field. Doha has historically enjoyed more cordial relations with Tehran than Saudi Arabia and the UAE, billing itself as a mediator to regional conflicts. Why closing the Strait of Hormuz would hurt Iran the most Read More » Saudi Arabia is further from Iran than Qatar, and much bigger, making US bases there a more difficult target. Saudi Arabia and Iran were engaged in simmering proxy conflicts, including in Yemen until recently. They have since engaged in a painstaking rapproachment. Iran's decision to target Al-Udeid may be a sign that it was looking to limit blowback from Riyadh over any strikes. Qatar condemned Iran's attack as a "flagrant violation" of its sovereignty shortly after the strike. Foreign ministry spokesman Majed Al-Ansari called for an "immediate cessation of all military actions". There were no casualties or injuries of Qatari armed forces or "friendly forces" from the attack, he added. Iran's security council said the attack was not against "brotherly" Qatar. "This action does not pose any threat to the friendly and brotherly country, Qatar, and its noble people, and the Islamic Republic of Iran remains committed to maintaining and continuing warm and historic relations with Qatar," the council said in a statement.
