Blockade and Oil Prices
Trump said Qatar, Saudi Arabia, the United Arab Emirates, Bahrain, Kuwait, and other nations prefer the status quo—the continuation of what he described as the greatest naval blockade in history and the new Operation Iron Gate. He also said every country in the Middle East has agreed that Iran cannot have a nuclear weapon, calling it non-negotiable.
Seoul Economic Daily reported that the Iron Gate operation, launched on November 7, extends the existing naval blockade of Iran to its land borders and the Caspian Sea, aiming to cut off weapons, military supplies, and goods entering Iran.
Oil prices fell following the remarks. West Texas Intermediate crude for December delivery settled at $86.85 a barrel, down $3.98, or 4.38%. Brent crude for January delivery closed at $92.57 a barrel, down $5.75, or 5.85%.