Iran warns oil prices will rise, blames US and Israel policies
2026-03-13 - 12:12
Iranian Foreign Minister Abbas Araghchi warned Friday that oil prices are expected to keep rising, directly linking the increase to the ongoing military actions and policies of the United States and Israel throughout the region. Speaking exclusively to Anadolu while participating in the annual Quds Day solidarity march in Tehran, the top Iranian diplomat placed responsibility for market volatility squarely on Washington and Tel Aviv. Defiance in Tehran "Considering the policies of the United States and Israel in the region, prices are likely to continue rising in the future," Araghchi stated, as crowds filled the Iranian capital for the pro-Palestinian demonstrations. He emphasized the scale of public participation despite recent escalations, noting that the Iranian people are taking to the streets "in the millions" following US-Israeli attacks. "Not only in Tehran but in all cities, the Islamic Republic of Iran has demonstrated its determination to support Jerusalem, Palestine, and all the ideals we have defended for years," he added. Wider Regional Impact The foreign minister expressed confidence in Iran's position, stating: "Hopefully, we will continue with this strength and determination, and our enemies will have to recognize the strength of the Iranian people." His comments come against a backdrop of heightened tensions since Feb. 28, when joint US-Israeli attacks on Iranian territory reportedly killed some 1,300 people, including then-Supreme Leader Ayatollah Ali Khamenei. Tehran has responded with drone and missile strikes targeting Israel, Jordan, Iraq, and Gulf nations hosting American military assets. Since approximately March 1, Iran has effectively closed the Strait of Hormuz, a critical chokepoint for global energy supplies. The ongoing closure has already sent shockwaves through international markets, with Brent crude approaching $100 per barrel as traders factor in prolonged disruptions to tanker traffic. The combination of direct military confrontation and strategic infrastructure denial continues to reshape energy market calculations worldwide.