{"id":436339,"date":"2026-08-17T03:22:14","date_gmt":"2026-08-16T20:22:14","guid":{"rendered":"https:\/\/www.swingfish.trade\/blog\/market-news\/oil-weekend-recap-whats-ahead-iran-vows-to-keep-hormuz-shut-trump-tells-americans-to-accept-high-gas-prices-436339\/"},"modified":"2026-08-17T03:22:14","modified_gmt":"2026-08-16T20:22:14","slug":"oil-weekend-recap-whats-ahead-iran-vows-to-keep-hormuz-shut-trump-tells-americans-to-accept-high-gas-prices","status":"publish","type":"post","link":"https:\/\/www.swingfish.trade\/blog\/market-news\/oil-weekend-recap-whats-ahead-iran-vows-to-keep-hormuz-shut-trump-tells-americans-to-accept-high-gas-prices-436339\/","title":{"rendered":"Oil- weekend recap &amp; what&#8217;s ahead: Iran vows to keep Hormuz shut, Trump tells Americans to accept high gas prices"},"content":{"rendered":"<div>\n<p class=\"font-claude-response-body break-words whitespace-normal\" dir=\"ltr\">Crude held a firm bid into the weekend, with Brent on track for a 6.0% weekly gain and WTI up 5.4%, as traders priced in an extended disruption to Hormuz transit rather than any near term resolution. With essentially no crude tankers moving through the strait on Friday, against a pre-war daily average above 130 vessels, the market is treating the blockade as the operative price driver rather than headline risk alone. <\/p>\n<p class=\"font-claude-response-body break-words whitespace-normal\" dir=\"ltr\">Escalating attacks on tankers, including the latest <a href=\"https:\/\/investinglive.com\/commodities\/uae-s-adnoc-says-two-of-its-vessels-attacked-in-hormuz\/\" rel=\"follow\">strikes on ADNOC vessels <\/a>and a bulk carrier hit by an unidentified projectile, keep a war-risk premium embedded in freight and insurance costs. Trump&#8217;s own rhetoric, both his acceptance of higher pump prices and his suggestion the US could eventually claim the strait, signals Washington sees no quick off-ramp, reinforcing the case for sustained upside risk into the new week.<\/p>\n<p class=\"font-claude-response-body break-words whitespace-normal\" dir=\"ltr\">\nIran hardens its Hormuz blockade rhetoric as Trump concedes Americans will keep paying more at the pump, with no talks in sight heading into the new week.<\/p>\n<p class=\"font-claude-response-body break-words whitespace-normal\" dir=\"ltr\">&#8212;<\/p>\n<p class=\"font-claude-response-body break-words whitespace-normal\" dir=\"ltr\">Updating weekend oil related news ahead of Globex open at 6pm US Eastern time Sunday. It looks like more of the same stalemate ahead this coming week. Bessent&#8217;s comments last week on further economic measures to be taken against Iran have ignited analyst speculation, I&#8217;ll have more to come on this separately.\u00a0<\/p>\n<p class=\"font-claude-response-body break-words whitespace-normal\" dir=\"ltr\">Summary:<\/p>\n<ul dir=\"ltr\" class=\"[li_&amp;]:mb-0 [li_&amp;]:mt-1 [li_&amp;]:gap-1 [&amp;:not(:last-child)_ul]:pb-1 [&amp;:not(:last-child)_ol]:pb-1 list-disc flex flex-col gap-1 pl-8 mb-3 print:block print:space-y-1\">\n<li class=\"font-claude-response-body whitespace-normal break-words pl-2\">Iran&#8217;s Deputy Foreign Minister Kazem Gharibabadi said Saturday the Strait of Hormuz will stay closed until Washington accepts defeat.<\/li>\n<li class=\"font-claude-response-body whitespace-normal break-words pl-2\">Foreign Minister Abbas Araqchi said Iran has not decided whether to resume US talks, and set conditions on the strait for shipping to resume.<\/li>\n<li class=\"font-claude-response-body whitespace-normal break-words pl-2\">Trump told a Friday rally that Americans should accept &#8220;a tiny little bit more&#8221; for gasoline, and floated eventually declaring the strait US territory.<\/li>\n<li class=\"font-claude-response-body whitespace-normal break-words pl-2\">US gasoline averaged $4.08\/gallon Friday, up 29% year on year, per AAA; Brent and WTI both rose on the week (+6.0% and +5.4%).<\/li>\n<li class=\"font-claude-response-body whitespace-normal break-words pl-2\">Only two vessels transited Hormuz Friday, none carrying crude; the UAE accused Iran of striking a third ADNOC tanker, and a bulk carrier was hit by an unidentified projectile.<\/li>\n<li class=\"font-claude-response-body whitespace-normal break-words pl-2\">Iran&#8217;s President Pezeshkian acknowledged US sanctions and a port blockade are driving domestic inflation; Houthi missiles killed four civilians in Yemen&#8217;s Mocha port Friday.<\/li>\n<\/ul>\n<p class=\"font-claude-response-body break-words whitespace-normal\" dir=\"ltr\">\nIran on Saturday called on the United States to accept defeat in their ongoing conflict, as tanker traffic through the Strait of Hormuz remained halted and President Donald Trump told Americans to brace for continued high fuel prices as a consequence of the war.<\/p>\n<p class=\"font-claude-response-body break-words whitespace-normal\" dir=\"ltr\">There was no sign over the weekend that the two sides were moving toward peace talks or an end to the fighting, which the US and Israel launched on February 28. Iranian Deputy Foreign Minister Kazem Gharibabadi said on Saturday that the strait, a chokepoint that handled roughly a fifth of the world&#8217;s oil before the war, would be opened and closed only on Iran&#8217;s terms, and that the blockade would continue until Washington accepted reality. Foreign Minister Abbas Araqchi said Iran had not decided whether to resume talks with the US, telling local media that Washington first needed to meet Tehran&#8217;s conditions on the strait.<\/p>\n<p class=\"font-claude-response-body break-words whitespace-normal\" dir=\"ltr\">Trump, speaking at a political rally in New York on Friday, urged Americans to accept &#8220;a tiny little bit more&#8221; for their gasoline as the price of preventing Iran from acquiring a nuclear weapon, and suggested the US could eventually declare the strait US territory once the conflict is resolved. The average US price of a gallon of gasoline stood at about $4.08 on Friday, up 29 percent from a year earlier, according to the American Automobile Association, a trend that has fed inflation and become a political liability for Trump heading into November&#8217;s congressional elections.<\/p>\n<p class=\"font-claude-response-body break-words whitespace-normal\" dir=\"ltr\">Only two vessels transited the Strait of Hormuz on Friday and neither was carrying crude, according to ship tracking firm Kpler, a fraction of the more than 130 ships that used to cross daily before the war. The UAE accused Iran of striking a third ADNOC tanker in the strait on Friday, following two earlier incidents the previous evening, while a bulk carrier was also reported struck by an unidentified projectile.<\/p>\n<p class=\"font-claude-response-body break-words whitespace-normal\" dir=\"ltr\">Iranian President Masoud Pezeshkian acknowledged on state television that a US blockade of Iranian ports and sanctions on oil exports had driven up domestic inflation, an unusually candid admission of the war&#8217;s economic toll on Iran. Meanwhile, Iran-backed Houthi forces in Yemen fired ballistic missiles at the Red Sea port of Mocha on Friday, killing four civilians, raising fresh concern about a wider regional conflict as markets head into the new trading week with the standoff still unresolved.\u00a0<\/p>\n<p class=\"font-claude-response-body break-words whitespace-normal\" dir=\"ltr\">\n<p>                            This article was written by Eamonn Sheridan at investinglive.com.<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Crude held a firm bid into the weekend, with Brent on track for a 6.0% weekly gain and WTI up 5.4%, as traders priced in an extended disruption to Hormuz transit rather&hellip;<\/p>\n","protected":false},"author":216,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[86],"tags":[],"class_list":["post-436339","post","type-post","status-publish","format-standard","hentry","category-market-news"],"_links":{"self":[{"href":"https:\/\/www.swingfish.trade\/blog\/wp-json\/wp\/v2\/posts\/436339","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.swingfish.trade\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.swingfish.trade\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.swingfish.trade\/blog\/wp-json\/wp\/v2\/users\/216"}],"replies":[{"embeddable":true,"href":"https:\/\/www.swingfish.trade\/blog\/wp-json\/wp\/v2\/comments?post=436339"}],"version-history":[{"count":0,"href":"https:\/\/www.swingfish.trade\/blog\/wp-json\/wp\/v2\/posts\/436339\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.swingfish.trade\/blog\/wp-json\/wp\/v2\/media?parent=436339"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.swingfish.trade\/blog\/wp-json\/wp\/v2\/categories?post=436339"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.swingfish.trade\/blog\/wp-json\/wp\/v2\/tags?post=436339"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}