Shafaq News- Washington

US President Donald Trump said Thursday that Iran was doing everything it could to drive up oil prices ahead of the US midterm elections by fabricating attacks, despite more oil passing through the Strait of Hormuz now than before the conflict began. 

Meanwhile, US Central Command (CENTCOM) said its “Steel Wall” naval blockade against Iran had reached its 100th day since US forces resumed the operation, claiming that the blockade had prevented Iran from exporting at least $25 billion worth of crude oil and restricted the Islamic Revolutionary Guard Corps (IRGC) from financing proxy militias, criminal networks, and terrorism. 

Today marks 100 days since CENTCOM forces resumed America's steel wall naval blockade against Iran. This effort has helped prevent Iran from exporting at least $25 billion worth of crude oil and constrained the IRGC's ability to fund proxy militias, criminal networks, and terrorism. There have been no exports or imports to Iran by sea except for the humanitarian aid U.S. forces have allowed.

— U.S. Central Command (@CENTCOM) October 22, 2026

Iranian National Security Council Secretary Mohsen Rezaei affirmed that Iran will not return to negotiations or reopen the Strait of Hormuz until its seven conditions are met, adding that Washington’s compliance with its commitments could pave the way for reopening the strategic waterway.

Brent crude prices rose 2% to their highest levels in five months, as renewed attacks by Yemen’s Houthi group on Saudi Arabia fueled concerns about further disruptions to Middle Eastern oil supplies.

Brent futures rose $2.24, or 2.2%, to $111.24 per barrel by 5:45 p.m. Baghdad time, while U.S. West Texas Intermediate (WTI) crude gained $1.14, or 1.2%, to $98.29 per barrel.

The increase pushed Brent into technically overbought territory for the third time in a week, with the benchmark on track to record its highest close since May 18.