Iran’s Foreign Minister Abbas Araghchi accused unnamed U.S. officials of manipulating global energy markets, saying Iranian intelligence shows deliberate efforts to overstate how much shipping traffic has actually resumed through the Strait of Hormuz.
The Accusation
Araghchi posted on X that surveillance suggests the U.S. was trying to “game energy markets,” an apparent reference to U.S. claims about the volume of oil tankers moving through the strait since the Navy announced it had cleared mines from the waterway’s main shipping lane this week.
The Broader Standoff
The accusation comes as the war between the U.S. and Iran passes its six-month mark, with Iran continuing to call for global pushback against expanded U.S. sanctions while saying diplomacy “isn’t impossible.” The U.S. has said it is not currently in direct talks with Iran even as both sides continue trading accusations over the strait.
Why It Matters for Prices
Crude oil prices have stayed elevated near $80 a barrel for months, a direct driver of this August’s record U.S. gas prices, and any dispute over the actual state of shipping traffic through Hormuz, whether it’s really recovering or not, has direct implications for how oil markets price in future supply.
