Shafaq News

OPEC’s reference basket rose to $145.24 per barrel on Wednesday as tensions in the Strait of Hormuz fueled fresh supply fears.

According to OPEC data, the basket gained 1.67% from the previous session.

The rise reflects continued disruption in key shipping lanes and mounting concerns over global supply, as producers struggle to offset losses in OPEC’s basket, which includes major grades such as Basrah Light, Arab Light, Iran Heavy, and Murban, alongside blends from Algeria, Nigeria, Libya, and other member states.

Ebrahim Zolfaghari, a spokesperson for the Islamic Revolutionary Guard Corps (IRGC)-affiliated Khatam Al-Anbiya headquarters, said energy and oil prices will not return to previous levels, warning that regional conditions will stabilize only on Iran’s terms.

“The era of promises is over,” Zolfaghari vowed, rejecting any prospect of an agreement and linking regional stability and investment to Iran’s military posture.