Iran defies Trump’s blockade as oil prices soar
Iran has vowed to resist a prolonged United States naval blockade and keep its economy functioning, even as global oil prices surge to multi year highs. The warning comes after President Donald Trump signalled that the US led operation to restrict shipping to and from Iranian ports could last for months. Iranian officials say the blockade will fail and have accused Washington of waging economic warfare and collective punishment against the country. Tehran says it is finding alternative routes and partners to sell its crude, including ship to ship transfers and deals that avoid dollar payments. Oil markets have reacted nervously to the standoff. Brent crude has climbed well above 110 dollars a barrel, while US benchmark West Texas Intermediate has traded above 100 dollars, levels last seen several years ago. Analysts say prices have been driven higher by the […]