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Iran Threatens Hormuz Closure, Hits U.S. Base, Oil Rises

6/1/2026

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Summary

Story summary

Iran warned it could close the Strait of Hormuz and open a new front in the Bab el-Mandeb if Israel persists in Lebanon.
Oil prices rose over $5 per barrel after Iran halted negotiations with U.S. mediators over the offensive.
Revolutionary Guard forces said they struck the U.S. base that launched recent attacks and pledged further measures to protect Iran's security.

History

Historical Context

In October 1973 OAPEC, led by Saudi Arabia and Iran, cut production and imposed an oil embargo that lifted barrel prices from $3 to $12, sparking a global recession and prompting the U.S. to create the International Energy Agency. The embargo ended in March 1974, but the tactic of closing the Strait of Hormuz re-emerged as Iran threatens to shut the waterway amid current tensions with Israel.

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Story summary

Iran warned it could close the Strait of Hormuz and open a new front in the Bab el-Mandeb if Israel persists in Lebanon.
Oil prices rose over $5 per barrel after Iran halted negotiations with U.S. mediators over the offensive.
Revolutionary Guard forces said they struck the U.S. base that launched recent attacks and pledged further measures to protect Iran's security.

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