Iran’s Security Chief Blasts Scott Bessent as Crude Oil Prices Remain Volatile: ‘Hormuz Will Not Be Opened by Threats or Pressure’
Key takeaways
- Iran’s rhetoric and U.S. criticism keep the Strait of Hormuz a lingering risk, sustaining oil market volatility while analysts expect traffic to normalize by late 2027.
- WTI futures $90.14
- Brent futures $101.41
- USO ETF $145.70
What happened
Iran’s Security Chief Mohsen Rezaee publicly criticized U.S. Treasury Secretary Scott Bessent, accusing him of making unrealistic forecasts and claiming that U.S. economic pressure will not force Iran to open the Strait of Hormuz. Rezaee also warned that the U.S. has lost the military war and will fail in the economic war, while Bessent had earlier mocked Iran’s new oil minister and highlighted that Iran has not loaded any crude since August 25, 2026. Meanwhile, oil flows through the Strait…
Why it matters
The exchange underscores the geopolitical tension that can influence global oil supply and prices. Iran’s assertion that the Strait will remain closed despite U.S. pressure could keep supply disruptions in play, while Bessent’s criticism of Iran’s oil minister highlights the U.S. view that Iran’s export capacity is…
Short-term and longer-term
Short-term. In the next few days, oil futures could react to any new diplomatic developments or attack reports.
Longer-term. Over the coming months, the Strait’s status remains a key risk factor for global supply.