Iran threatens to close Hormuz Strait if US naval blockade continues

Iran warned on Saturday it will shut the Strait of Hormuz again if the United States continues its naval blockade of Iranian ports, threatening a key global trade artery that handles 20% of world oil and gas. The threat comes hours after Iran reopened the strategic waterway following a Lebanon ceasefire.

US President Donald Trump declared a peace deal with Iran "very close" and claimed Tehran agreed to hand over enriched uranium, but Iranian officials denied the claim and called the blockade "a violation of the ceasefire" that expires Wednesday. Despite the discord, Pakistan's mediators are pushing both sides to finalize an agreement.

Oil prices have already fallen on hopes of a negotiated end to the conflict, with stocks rising as traders absorbed the optimism. For Nigeria, a major oil producer, these developments affect global oil markets where Nigerian crude recently surged to $113/b above Brent's $96/b.

With US forces having directed 21 ships to turn around since the blockade began, will Nigeria's oil sector brace for price volatility or prepare for sustained high oil prices in the current volatile geopolitical climate?

SOURCE: https://www.channelstv.com/2026/04/18/iran-threatens-to-close-hormuz-again-if-us-blockade-continues/