Iran Warns: If Our Ports Are Threatened, No Port in the Region Is Safe

Odaily News: The Trump administration has applied maximum pressure on Iran by threatening to block the Strait of Hormuz. Iran has responded with a tough countermeasure, threatening retaliation against all ports in the Gulf. Spot supply in the crude oil market is already tight, with some refineries even paying record premiums as high as $50. The U.S. Central Command stated that the blockade will begin at 10 AM Eastern Time on Monday, "and will be fairly enforced against vessels of all nations traveling to and from Iranian ports and coastal areas, covering all Iranian ports in the Persian Gulf and the Gulf of Oman."

Analysts at JPMorgan said in a report: "Reopening the Strait of Hormuz has become the market's most time-sensitive priority. The last oil tanker to pass through the strait on February 28 is expected to arrive at its destination around April 20, by which time pre-war inventories will be completely depleted from the global supply chain." Trump has long claimed that rising U.S. gasoline prices are only temporary. However, he admitted during an appearance on Fox News' "Sunday Briefing" that high oil prices could persist until the midterm elections in November. (Jin10)