According to a report by Iran's Fars News Agency on the 23rd, the Iranian Defense Committee issued a statement saying that if enemies attack Iran's coasts or islands, Iran will immediately deploy various types of mines across all shipping lanes in the Persian Gulf. Earlier reports suggested that the United States might launch a ground military operation against Kharg Island in Iran. Kharg Island is Iran’s largest crude oil export base, with 90% of its crude oil exports originating from there.
Iran's threat to blockade Gulf shipping with naval mines has introduced new geopolitical risks into the global energy market.
According to a report by Xinhua News Agency citing Iran's Fars News Agency on the 23rd, Iran's Defense Committee issued a statement saying that if enemies attack Iran's coasts or islands, Iran will immediately deploy various types of naval mines across all waterways in the Persian Gulf. The statement noted: "Any attempt to attack Iran's coasts or islands will result in all channels in the Gulf region... being mined with various types of naval mines, including floating mines that can be released from the shore."
Earlier reports indicated that the United States is considering occupying or blockading Kharg Island, Iran’s main crude oil export hub, to force Iran to reopen the Strait of Hormuz to all shipping. The island accounts for approximately 90% of Iran's crude oil exports.
The Iranian Defense Committee also reminded that non-belligerent states must coordinate passage arrangements with Iran in order to pass through the Strait of Hormuz.
This event heightened market concerns over potential disruptions to global oil supplies, driving up the geopolitical risk premium and causing oil prices to rise. As of this writing, Brent crude oil prices surged over 2% during the day, reaching $108.79 per barrel.
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