On Tuesday, Iran announced its intention to halt oil exports from the Gulf amid its ongoing conflict with the United States and Israel, directly contradicting President Trump’s assertion that the conflict was nearing resolution.
Oil prices surged after Iranian attacks on shipping led to the closure of the strategic Strait of Hormuz. These actions were reportedly in retaliation for U.S.–Israeli strikes that resulted in the death of Iran’s supreme leader, Ayatollah Ali Khamenei.
Economist Ulrich Joubert told VOC News that the escalation of the conflict in Iran has directly contributed to market volatility.
“We have to keep in mind that before the conflict, there was an oversupply of energy in the world market for 2026, and oil prices were expected to decline from the $60 (approximately R982) level to even lower levels. We now see prices at around double that $60,” Joubert remarked.
*Listen to the full interview here.
Photo: QudsNen/X
