Iran criticises US remarks as oil prices surge globally

Iran’s chief negotiator and parliamentary speaker Mohammad Bagher Ghalibaf has strongly criticised the US Treasury Secretary over recent remarks on Iran’s oil sector, as global oil prices continue to rise.

Speaking publicly, Ghalibaf dismissed the US official’s claims, saying that such “baseless advice” had contributed to pushing oil prices up to $120 per barrel, warning that prices could rise further to $140. He rejected the notion that sanctions or blockades could immediately disrupt Iran’s oil production.

“Three days have passed and not a single oil well has dried up, and this will not happen even in 30 days,” he said, challenging the US position on the impact of restrictions on Iran’s energy sector.

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Earlier, the US Treasury Secretary had claimed that sanctions and blockades would severely limit Iran’s ability to store oil, eventually forcing a halt in production and causing long-term damage to its energy industry.

The exchange comes at a time of heightened geopolitical tensions, which have significantly impacted global energy markets. Analysts say uncertainty surrounding supply routes and production has contributed to a sharp rise in oil prices worldwide.

In the international market, Brent crude has surged to a four-year high, climbing by 8% to reach $121 per barrel. The increase reflects growing concerns over supply disruptions amid ongoing tensions in the Middle East.

Experts warn that continued volatility in oil markets could have wider economic implications, including higher fuel costs and inflationary pressures in many countries.

The situation remains fluid, with global markets closely watching developments in the region and their potential impact on energy supply and pricing trends.