Iran warns US against 'pirate-style actions' as oil prices jump 7%

An Iranian official warned the US against "pirate-style actions" in the Strait of Hormuz on Saturday, casting doubt on the fate of a US peace proposal as renewed clashes in the key waterway sent oil prices soaring.

"The recent escalation of tensions by American forces in the Persian Gulf... have added to suspicions about the motivation and seriousness of the American side in the path of diplomacy," Iranian Foreign Minister Abbas Araghchi said in a call with his Turkish counterpart, according to the ISNA news agency.

The comments followed a sharp exchange of fire, with US Central Command confirming strikes on Iranian targets after three US destroyers were fired upon. The clashes caused Brent crude to jump as much as 7.5 percent to over $101 a barrel, while US officials reported redirecting 58 vessels as part of a naval blockade.

With roughly 1,500 ships stranded and global energy security at risk, the escalating brinkmanship threatens to derail Pakistani-led mediation efforts just as President Donald Trump said he expected a response "very soon" on a deal to end the 10-week conflict.

Diplomatic Doubts

Tehran's public questioning of US motives comes as Washington awaits a formal reply to a draft agreement aimed at de-escalating the conflict that began with joint US-Israeli strikes on February 28. While President Trump told reporters "we'll see what happens," Secretary of State Marco Rubio said Friday the administration hoped for a "serious offer" from Iran.

However, Iran's foreign ministry spokesman, Esmaeil Baqaei, stated the country is not "bound by their deadlines or timelines very much." This rhetoric, combined with the naval clashes, suggests Tehran may be negotiating from a position of strength while testing US resolve. The last major flare-up in the Strait of Hormuz in 2019 saw oil prices spike over 14 percent in a single day, highlighting the severe economic stakes.

Hormuz Heats Up

The strategic waterway has become the focal point of the conflict. US Central Command announced its forces had disabled four Iranian vessels and redirected 58 commercial ships since April 13 to enforce its blockade. The recent exchange involved US forces firing on Iranian tankers, which the Pentagon described as "self-defense strikes."

In response to the instability, European allies are stepping up. The United Kingdom announced it is sending the HMS Dragon, a destroyer, to the Middle East in anticipation of a planned "peaceful multinational mission" with France to ensure safe passage for commercial shipping. This mission intends to be separate from the warring parties, though its deployment is contingent on a durable ceasefire that now appears increasingly fragile.

This article is for informational purposes only and does not constitute investment advice.