Oil continued its upward trend, recently reaching $113.14 per barrel with a $4 increase. This price rise comes after Brent crude had recorded a price above $114 about five months ago in mid-May and had not approached that level since.
Political and Economic Consequences
Mohammad Baqer Qalibaf, the Speaker of the Parliament, reacted to this price increase on social media, warning American officials that choosing the wrong path regarding Iran could have serious consequences. He referred to the stock market decline, rising debt, inflation, and casualty statistics, hinting at a sense of danger for the U.S. economy.
Read more: The prices of Sorena and Dena Plus cars increased on October 22, 2026
Meanwhile, Donald Trump, the former President of the United States, wrote on the social media platform Truth Social that a lot of oil is passing through the Strait. In response to this claim, Josh Young, an oil market analyst, sarcastically remarked, "How can you tell when a politician is lying? Their lips are moving!" These discussions reflect the existing tensions between the United States and Iran and their impact on the global oil market.
Pressure on the U.S. Economy
Economic analysts believe that the increase in oil prices to $110 marks the beginning of maximum pressure on the U.S. economy. Now, with oil prices reaching $111.14 and U.S. crude above $100, the economic conditions of this country will be severely affected. This price increase could lead to higher production costs and ultimately result in increased prices for goods and services.
Given the U.S. economy's dependence on oil prices, this increase could influence the country's economic policies and pose new challenges for the Biden administration. As the U.S. grapples with numerous economic issues, rising oil prices could also exacerbate political tensions.
Analysts believe that this situation not only harms the U.S. economy but could also impact international relations. On one hand, these price increases could pressure American decision-makers to change their approach toward Iran, and on the other hand, other oil-rich countries will also benefit from this situation.
Read more: Managing household expenses by offering detergents by the kilogram in fruit and vegetable markets · Yemen's missile attack on Aramco and the shutdown of Saudi Arabia's oil command center
