Iran to ‘Completely Close’ Strait of Hormuz If Trump Destroys Power Plants

Amid global energy crisis, India buys 3m barrels of West African oil

EU holds talks with Iran, regional powers

Macron calls for  restraint

Emmanuel Addeh in Abuja 

Iran’s Revolutionary Guards yesterday said the Strait of Hormuz will be “completely closed” if Donald Trump follows with a threat to hit the country’s power plants.

The US president issued the 48-hour ultimatium to Tehran on Saturday night to fully reopen the waterway – important for the transit of a fifth of the world’s oil and liquefied natural gas (LNG) – or face having its power plants destroyed.

On Sunday, Iran’s President Masoud Pezeshkian hit back, saying the key shipping route remained open to “all except those who violate our soil”.

Also, the speaker of the Iranian Parliament, Mohammad Bagher Ghalibaf, said that vital energy infrastructure in the region would be considered a legitimate target and would be “irreversibly destroyed” if his country’s own infrastructure was attacked.

Iran’s Revolutionary Guards also said it would mean the Strait of Hormuz, situated along Iran’s southern coast, would be closed. In a statement, it said: “The Strait of Hormuz will be completely closed and will not be opened until our destroyed power plants are rebuilt.”

Tanker traffic through the waterway has ground to a halt amid Iran’s de facto blockade. As a result, oil prices have surged and global markets have come under severe strain.

Macron Calls for Restraint Amid Escalating Crisis

Also yesterday, French President Emmanuel Macron posted on social media after holding talks with the crown prince of Saudi Arabia, Mohammed bin Salman, calling for restraint.

As a representative of one of the G7 nations, that on Saturday night said they were ready to act to protect global energy supplies, Macron wrote on X that it had become “more necessary than ever” for warring parties to agree to a temporary halt to attacks on energy facilities and civilian infrastructure.

He also said Iran must also restore the freedom of navigation in the Strait of Hormuz. He said: “The current phase calls for responsibility and restraint, in order to create the conditions for resuming dialogue, which alone can guarantee peace and security for all.”

The president reiterated France’s solidarity and its firm commitment to helping defend Saudi airspace against “repeated and unacceptable” strikes by Iranian missiles and drones.

“In the face of the risk of an uncontrolled escalation, it is more essential than ever that all belligerents agree to establish a moratorium on energy and civilian infrastructure and that Iran restore freedom of navigation in the Strait of Hormuz,” he said.

Macron also stated: “The time has come for responsibility and restraint, in order to create the conditions for a resumption of dialogue, which alone can guarantee peace and security for all.”

He added: “At this critical moment, the G7 and the Gulf Cooperation Council must strengthen their coordination. France and Saudi Arabia are working together on this.”

EU Speaks with Iran

European Union (EU) Foreign Policy Chief Kaja Kallas held a phone call with Iran’s foreign minister Abbas Araqchi on Sunday, an EU official said.

Kallas also held separate calls with counterparts from Turkey, Qatar and South Korea “on the war in the Middle East, attacks on energy infrastructure, and the urgent need to reopen the Strait of Hormuz,” the official said.

“These engagements were part of the EU’s ongoing efforts to explore diplomatic avenues forward,” the official said, adding that “fresh threats to attack critical civilian infrastructure risk impacting millions of people across the Middle East and beyond”.

Kallas last spoke to Araqchi on Wednesday, when she said safe passage through the Strait of Hormuz was a priority for Europe, according to an EU official.

India’s HPCL Buys 3m Barrels of West African Crude

Meanwhile, India’s state-run Hindustan Petroleum has bought 2 million barrels of Angolan oil via a tender and 1 million of Nigerian crude, as reduced availability of costly Middle ‌Eastern oil leads Indian refiners to shift to West African and Asia-Pacific grades.

India, which used to rely on Middle Eastern oil for over 45 per cent of its oil imports, has been hit hard by the disruption caused by the U.S.-Israeli war on Iran that ⁠has halted shipments via the Strait of Hormuz, a Reuters report said.

The Oman and Dubai benchmarks eased on Friday, but earlier in the week surged as Middle Eastern crude became the world’s most expensive. Peaks earlier this week exceeded the previous record of $147.50 hit by Brent futures in 2008.

The surge in the benchmarks, used to price millions of barrels of Middle Eastern crude bound for Asia, has increased costs ‌for Asian ⁠refiners, leading them to seek alternatives or reduce output. Indian companies do not comment on their crude purchases as the deals are confidential. 

The refiner has bought oil for its 180,000-barrels-per-day ⁠Barmer refinery in the desert state of Rajasthan. Earlier this week, HPCL bought a million barrels each of Forcados and Agbami from trader ⁠Totsa.