'If we don't sell oil, no one will': Iran threatens wider crude disruption

Iran on Wednesday warned that if Tehran is prevented from selling oil, no other country in the region would be able to do so either, signaling the possibility of broader disruption to energy supplies.

"The equation of this war is clear: either all or none. In a region where we do not sell oil, no one will sell oil," Parliament Speaker Mohammad Bagher Ghalibaf said.

Also read: Houthis claim attacks on Saudi tankers in Red Sea, raising risk of new chokepoint in Iran war

The geopolitical threat came at a time when Washington and Tehran increasingly targeted civilian infrastructure.

He also asserted that the security of regional energy infrastructure and the Strait of Hormuz depends on the absence of US forces, adding that the waterway would not return to its pre-war conditions unless Iran's security concerns were addressed.

The US military launched fresh strikes on Iran, marking a 12th night of consecutive attacks on the country. US Central Command (CENTCOM) said the attacks were designed to “further degrade Iran's ability to threaten civilian mariners and commercial vessels transiting regional waters,” as Washington pushed to regain control over the Strait of Hormuz and restore the flow of international shipping.

US President Donald Trump warned that Washington would destroy one bridge or power plant each time Iran shoots at a ship in the Strait of Hormuz.

“From this point forward, any time the Islamic Republic of Iran shoots at a ship in the Strait of Hormuz, whether it be by Missile, Rocket, Drone, or any other device or weapon, the United States will bomb and destroy ONE BRIDGE OR POWER PLANT,” Trump wrote on Truth Social on Wednesday.

Also read: US will destroy ‘one bridge or power plant’ for every attack on ships in Strait of Hormuz, warns Trump

Oil prices rise to six-week high as US-Iran tensions escalate

Brent crude oil prices rose more than 1.5% to their highest in more than ​six weeks on Thursday, with the ​United States launching a new round of strikes on Iran and Yemen's ​Houthis targeting oil tankers in the Red Sea, according to Reuters.

Brent crude futures reported a rise of $1.93, or 2% to $96 by 0011 GMT, the highest since June 8. It had settled over $3 higher at $94.07 in the previous session, quite close to a six-week high.

U.S. ‌West Texas Intermediate ⁠crude rose $1.44, ⁠or 1.7%, to $88.27 after rising nearly 3% on Wednesday.