Iran’s Revolutionary Guards said on Tuesday they would not allow “one litre of oil” to be shipped from the Middle East if U.S. and Israeli attacks continue.
U.S. President Donald Trump vowed that Iran would be hit much harder than it already has been if it blocked exports from the vital energy-producing region.
The war has already effectively shut the Strait of Hormuz, leaving tankers unable to sail for more than a week and forcing producers to halt pumping as storage facilities fill.
Trump’s comments came after global financial markets seesawed on Monday on concerns that Iran’s security establishment was rallying behind new Supreme Leader Mojtaba Khamenei and was not prepared to back down any time soon.
Trump said the United States had inflicted serious damage on Iran’s military.
He predicted the conflict would end well before the initial four-week time frame he had laid out, though he has not defined what victory would look like.
The conflicting signals sent markets on a rollercoaster, with oil prices surging and stock markets nosediving before swinging in the other direction.
At least 1,332 Iranian civilians have been killed and thousands wounded since the U.S. and Israel launched a barrage of air and missile strikes across Iran at the end of February, according to Iran’s U.N. ambassador.
