Iran vows of total oil blockade as Trump threatens 20-fold retaliation

Iran's Islamic Revolutionary Guard Corps (IRGC) warned on Tuesday it would prevent any oil shipments from the Middle East if US and Israeli attacks continue, according to state media.

US President Donald Trump responded that America would strike Iran "twenty times harder" if it blocks the Strait of Hormuz, through which one-fifth of global oil passes, he said at a press conference on Monday.​​

The rhetoric followed volatile markets, with Brent crude falling over 10 per cent on Tuesday after surging 29 per cent the previous day to 2022 highs, while global shares rallied on Trump's prediction of a swift war end.

Leadership change amid conflict

Iran named Mojtaba Khamenei as new supreme leader on Monday, succeeding his slain father Ayatollah Ali Khamenei, amid the 10th day of US-Israeli air and missile strikes that have killed at least 1,332 Iranian civilians, according to Iran's UN ambassador.​​

Israeli Prime Minister Benjamin Netanyahu said Israel's aim is to overthrow Iran's clerical rule, adding "our hand is still extended" to the Iranian people.​

Israeli Prime Minister Benjamin Netanyahu said Israel's aim is to overthrow Iran's clerical rule, adding "our hand is still extended" to the Iranian people.​

Trump, after speaking with Russian President Vladimir Putin, said the US would waive oil sanctions on "some countries" to ease shortages, potentially including Russia, sources said.​

Saudi Aramco warned of "catastrophic consequences" for oil markets if disruptions persist, with over 150 tankers anchored outside the strait for more than a week.​

India, importing 40 per cent of its crude through the strait with reserves covering 25 days of demand, secured a US 30-day waiver to buy stranded Russian oil amid the supply crunch, US Treasury officials said.​

Iranian Foreign Minister Abbas Araqchi said Tehran is unlikely to resume US talks after three rounds showed false progress before the attacks.​

The conflict began late February with US-Israeli strikes targeting Iran's missile capabilities (various origins, introduced 1980s onwards) and nuclear programme, per US officials, escalating after Iran's missile retaliation.

The Strait of Hormuz has been effectively shut since early March, halting pumping as storage fills, with IRGC threats to attack passing ships. Article 44 of India's Constitution directs a UCC, but no nationwide code exists despite court recommendations.