Oil prices remain above $100 as Iran warns of action over Hormuz

Tehran — Oil prices continued to trade above the $100 mark on Monday after Iran issued a warning regarding the security of the Strait of Hormuz, a crucial waterway for global energy shipments. The warning came amid heightened tensions in the region, leading to a decline in global stock markets.

Iran's Supreme Leader Ayatollah Ali Khamenei cautioned that if Iran's own energy infrastructure or ports were attacked, the country would retaliate by targeting the region's oil and gas facilities. "If the Islamic Republic's oil and gas are threatened, we will set the region's oil and gas on fire," Khamenei stated.

The Strait of Hormuz is a vital passage for a significant portion of the world's oil exports. Any disruption in this area could have major implications for global energy supplies and prices. Following Khamenei's remarks, oil prices held steady above $100 per barrel, reflecting market concerns over potential supply disruptions.

Global stock markets responded negatively to the increased geopolitical risk. Investors expressed concerns that an escalation in tensions could impact energy supplies and broader economic stability.

Iran's warning comes at a time of ongoing regional instability, with several countries closely monitoring developments in the Gulf. The international community has previously called for restraint in the region to ensure the free flow of energy resources through the Strait of Hormuz.

Market analysts noted that the situation remains fluid, and further statements or actions from regional actors could influence both energy prices and financial markets in the coming days.