Iran Said to Stick To Hardline Position of Strait of Hormuz

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Christopher Smart, founder and managing partner of Arbroath Group, said Iran has made clear it will continue to fight on even after sustaining significant military losses, potentially leading to a longer disruption for energy markets. Iranian officials have become reluctant to even discuss reopening the Strait of Hormuz as they focus on surviving the US-Israeli onslaught, according to a person involved in direct, high-level contacts with Tehran. Energy infrastructure attacks and strikes on high-profile Iranian officials, including the recent killing of security chief Ali Larijani, mark an escalation that is slowing attempts to get commercial ships moving again, the person added, speaking anonymously to discuss private talks. Oil prices extended gains sharply on the news. Brent crude prices jumped back above $110 a barrel and the most active US crude futures price climbed more than 2.5% to trade above $98 a barrel by 1:20 pm ET.  Priced jumped even higher after a CBS News report Friday that Pentagon officials have made preparations for a possible deployment of US ground troops into Iran. The report, which cited unnamed sources, noted that it was unclear under what circumstances President Donald Trump would authorize such an operation. The effective closure of the Strait of Hormuz — a chokepoint for about a fifth of global oil and liquefied natural gas flows — has sent global energy prices soaring and Trump’s administration scrambling to lower gas prices.  With Iran refusing to negotiate on Hormuz and Trump unwilling — or unable — to negotiate a diplomatic offramp to the conflict, further escalation of the conflict is possible and elevated energy prices could remain a drag on the global economy. -------- Watch Bloomberg Radio LIVE on YouTube Weekdays 7am-6pm ET WATCH HERE: http://bit.ly/3vTiACF Follow us on X: https://twitter.com/BloombergRadio Subscribe to our Podcasts: Bloomberg Daybreak: http://bit.ly/3DWYoAN Bloomberg Surveillance: http://bit.ly/3OPtReI Bloomberg Intelligence: http://bit.ly/3YrBfOi Balance of Power: http://bit.ly/3OO8eLC Bloomberg Businessweek: http://bit.ly/3IPl60i Listen on Apple CarPlay and Android Auto with the Bloomberg Business app: Apple CarPlay: https://apple.co/486mghI Android Auto: https://bit.ly/49benZy Visit our YouTube channels: Bloomberg Podcasts: https://www.youtube.com/bloombergpodcasts Bloomberg Television: https://www.youtube.com/@markets Bloomberg Originals: https://www.youtube.com/bloomberg Quicktake: https://www.youtube.com/@BloombergQuicktake