Iran and US Rhetoric Push Oil to $117 as Hormuz Risks Rise
Analyst Waiel Awwad, quoted by ANI, says Washington's goal goes beyond nuclear talks as crude hits $117 a barrel amid Gulf tensions.
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what happened
Foreign affairs expert Waiel Awwad, quoted by the news agency ANI, argues that Washington's aim regarding Iran goes beyond nuclear negotiations and points toward regime change. He says contradictory statements from the White House reflect a deeper strategic shift, and that domestic politics ahead of the US midterm elections also play a role. He is sceptical that Washington is serious about a diplomatic outcome.
According to ANI, crude oil rose to $117 per barrel, the highest level since April. The Iranian Revolutionary Guard Corps claimed that two supertankers carrying more than 4.5 million barrels of crude struck naval mines in the Strait of Hormuz, while Iranian military officials said they would not allow US warships into the Persian Gulf. US Secretary of State Marco Rubio visited Reliance's Jamnagar refinery in India.
why it matters
The reports add to the geopolitical risk premium in oil, as threats to maritime corridors and possible supply disruptions support prices. For India, higher energy costs mean pressure on inflation and the trade balance, and US LPG and LNG supplies become more important.
market impact
Oil: risks of disruption through Hormuz and Bab-el-Mandeb support Brent prices
tags
instruments
sources
- "US objective is no more oil, nuclear issues, its total destruction of Iran": Foreign Affairs Expert Waiel Awwad — Moody's, 24 October 2026 at 13:54 UTC
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