Iran warns US of retaliation, keeps Strait of Hormuz restrictions

Iran has warned that any further US attacks on its assets will trigger retaliation, while Tehran continues to restrict shipping through the strategically vital Strait of Hormuz.

Iranian Parliament Speaker Mohammad Baqer Qalibaf said US oil and gas facilities across the region were also vulnerable to retaliation, warning that attacks on Iranian assets would be met with strikes in return.

The warning followed a weekend escalation between the two countries, including US strikes on three Iranian oil tankers and attacks by Iran’s Islamic Revolutionary Guard Corps on US warships.

Iranian security official Mohsen Rezaei also said Tehran plans to establish a new restricted zone in the Gulf and approve an alternative shipping corridor through the Strait of Hormuz. He said Iran would only guarantee unrestricted passage once the US ends what Tehran describes as sabotage, threats and attacks.

The Strait has seen a sharp decline in traffic since the conflict began with US and Israeli strikes on Iran on February 28. Shipping data showed an average of only 10 commodity vessels passing through the waterway each day over the past 10 days, the lowest level since May.

The disruption has pushed oil prices higher, with Brent crude briefly reaching $97.93 a barrel on Monday, its highest level since July 24.

Meanwhile, US sanctions and restrictions on Iranian oil exports are adding pressure to Iran’s economy, with officials citing inflation, currency instability, unemployment and difficulties managing domestic markets.

The conflict is also affecting Gulf states, including the UAE, which has been hit by Iranian attacks. UAE officials said the country is developing alternative routes for energy exports and trade to reduce its dependence on the Strait.