K-Points

Brent Oil Tops $85 as Strait of Hormuz Stays Closed, Houthi Strike Kills Seven at Red Sea Port, and Israeli General Says Gaza Should Be ‘Destroyed for Generations’

The price of crude oil  has surged past the $85 per barrel mark on London’s Intercontinental Exchange (ICE), marking its highest level since August 4, 2026, according to the latest trade data. This significant price increase comes amid ongoing geopolitical tensions in the Middle East, despite the pause in  war between the United States and Iran. The key maritime chokepoint, the Strait of Hormuz, remains firmly closed to all maritime traffic, continuing to disrupt global oil supply routes and fueling market uncertainty.

Iranian Foreign Ministry spokesperson Esmaeil Baqaei has made it clear that the Strait of Hormuz will not be reopened as long as the United States maintains its naval blockade against Iran. Baqaei emphasized that before any meaningful negotiations or reopening of this critical waterway can occur, Washington must cease what Iran describes as its “destructive actions” and make reparations for the damage caused.

“As long as the US naval blockade continues, the necessary conditions for the reopening of the Strait of Hormuz do not exist,” Baqaei stated. He further explained that it is  upon the United States to halt its aggressive policies and offer reparations, thereby creating a foundation for dialogue and potential resolution. Iran has explicitly tied the reopening of the Strait to the acceptance of a series of stringent demands. Mohammad Baqer Zolqadr, the secretary of Iran’s Supreme National Security Council, outlined these conditions in detail. They include an immediate end to all US threats against Iran, cessation of military aggression against Iran and its regional allies in Lebanon, Palestine, Yemen, and Iraq, the lifting of the US naval blockade in the Persian Gulf, the removal of all sanctions imposed on Iran, and the release of Iranian assets that have been frozen abroad.

These demands reflect Iran’s broader strategic objectives to restore its regional influence and economic stability, while also seeking to neutralize what it perceives as hostile US policies that have long undermined its sovereignty and security. The continued closure of the Strait of Hormuz, through which approximately 20% of the world’s oil supply transits, has significant implications for global energy markets, contributing to rising oil prices and increased volatility.

At least 11 people were killed  following a deadly Houthi attack on the port city of Mocha. The strike, which targeted a military facility on the Red Sea coast, marks another significant escalation in the ongoing conflict. This latest assault comes just hours after a separate drone attack struck a Saudi oil refinery along the same strategic coastline, underscoring the Houthis’ expanding reach and their continued ability to disrupt Saudi infrastructure.

Meanwhile, in a separate but related conflict, Israel continues its military operations against Gaza and Lebanon. The ongoing Israel airstrikes and ground operations causing widespread destruction and humanitarian crises. Adding to the tension, a former head of Israel’s National Security Council has publicly advocated for Gaza to remain devastated, framing the prolonged suffering and destruction of the Palestinian enclave as strategically beneficial for Israel.

Retired Major General Giora Eiland expressed these views during an interview on Israel’s 103FM radio station on Sunday. He stated bluntly that Israel has no interest in seeing Gaza rebuilt, arguing that it is preferable for the territory to remain in ruins for generations. “The greater the despair in Gaza and the greater the destruction, and the greater the monument to what they did on October 7, to come—that is good,” Eiland said, referring to the attacks that triggered the current military campaign.