Iran has threatened to retaliate against any new US attacks on its assets, warning that American oil and gas interests and energy infrastructure across the Gulf could be targeted as tensions escalate over the Strait of Hormuz.“Strike our assets and you get struck,” Iranian Parliament Speaker Mohammad Baqer Qalibaf said after US and Iranian forces traded strikes on shipping over the weekend, pushing oil prices to near six-week highs on Monday, according to Reuters.The warning came amid growing concerns that the conflict could escalate further, with diplomatic efforts showing little progress towards restoring normal energy flows through the Gulf.Iran tightens restrictionsIran has tightened restrictions on shipping through the Strait of Hormuz, a key route for global oil and gas supplies, since the war began with US and Israeli strikes on February 28.On Sunday, senior Iranian security official Mohsen Rezaei said Tehran would soon announce a new restricted zone in the Gulf and establish a new shipping corridor through the strait.Rezaei said the restricted zone would begin where a US naval blockade of Iran starts and extend into parts of the Gulf. Ships entering the area would be placed on an Iranian sanctions list.“We will only commit to the Strait of Hormuz being open when they (the Americans) stop the sabotage, threats and attacks on Iran,” Rezaei said.Qalibaf later reinforced the warning in an apparent response to US Defense Secretary Pete Hegseth, who had described Iran’s oil tanker fleet as “defenceless”.“It’s simple: the oil and gas production chain here is sprawling, accessible, and exposed. American oil and gas companies across these waters and facilities share that exposure,” Qalibaf, who is Iran’s top negotiator, wrote on X.Oil flows disruptedTensions have intensified after a relative lull through much of August and the collapse of an interim ceasefire reached in June.Earlier on Saturday, US forces struck three Iranian oil tankers, including one near Kharg Island, Iran’s main oil export hub, according to US Central Command. The strikes followed attacks by Iran’s Revolutionary Guards on US warships operating in the region.Shipping data showed that an average of only 10 commodity vessels a day passed through the Strait of Hormuz over the past 10 days, the lowest level since May. The strait is a critical energy chokepoint. Before the war, it carried about one-fifth of global oil and liquefied natural gas shipments.Regional tensions were also heightened by Israeli strikes on a town in southern Lebanon that killed at least 12 people on Monday, according to Lebanon’s health ministry.The strikes have raised fears of a renewed Israeli military campaign despite a June ceasefire with Iran-backed Hezbollah. Tehran has insisted that any lasting agreement with Washington must include an end to Israeli attacks in Lebanon.Iran has said it will step up efforts to address problems caused by US sanctions, which have put further pressure on its economy.Three senior Iranian sources told Reuters that Washington’s campaign to restrict Iranian oil exports and curb sanctions evasion is becoming increasingly difficult for Tehran to withstand.Qalibaf acknowledged over the weekend that Iran’s challenges extend beyond the battlefield. Alongside the military conflict, he cited inflation, unemployment, currency volatility and market instability as major domestic problems.The conflict has also affected Gulf oil producers, including the United Arab Emirates, which has faced Iranian missile attacks and attacks on oil tankers in the Strait of Hormuz.The disruption is also being felt in the United States, where higher fuel prices have added to economic pressures and could weigh on President Donald Trump’s popularity ahead of November’s midterm elections.
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