Bangkok: Iranian Oil Minister Mohsen Paknejad revealed via his Telegram account today that Iranian oil exports are continuing as normal despite the U.S. announcing last week the lifting of a 60-day waiver of sanctions on Iranian oil exports. Iran's Oil Minister stated that the ministry has maintained measures and mechanisms for years to mitigate the impact of US sanctions, and therefore, Iranian oil exports will not face any problems even after the lifting of these exemptions.
According to Thai News Agency, global crude oil prices rose nearly 3 percent on Tuesday, soaring to their highest level in four weeks, as the United States reimposed a naval blockade on Iran and both countries escalated attacks in the Strait of Hormuz, further increasing uncertainty surrounding global energy shipments. Brent crude oil futures rose $1.90, or 2.3 percent, to trade at $85.20 per barrel, while West Texas Intermediate (WTI) crude oil increased by $1.91, or 2.4 percent, to trade at $80.05 per barrel.
Meanwhile, the U.S. military continued its offensive against targets in Iran for a third consecutive night on Monday, after U.S. President Donald Trump announced a renewed blockade of Iranian shipping and proposed imposing a 20 percent fee for security protection in the Strait of Hormuz.