BlockBeats report, on March 3, Ebrahim Jabari, advisor to the commander of Iran’s Revolutionary Guard, stated that the Strait of Hormuz has been closed, and Iran will fire upon any vessel attempting to pass through, as well as attack oil pipelines and shipping routes. This is the clearest warning issued by Iran since it informed ships on Saturday of its intent to close this passage, a move that could disrupt one-fifth of global oil shipments and significantly drive up crude oil prices. According to Fox News reporters, the U.S. Central Command stated that the Strait of Hormuz has not been closed, despite Iran’s claims. Iran is not patrolling the strait, and there is currently no indication that it has laid mines there.
International crude oil settlement prices rose sharply; as of the close on the 2nd, the price of light crude oil futures for April delivery on the New York Mercantile Exchange increased by $4.21 to $71.23 per barrel, a 6.28% gain. U.S. Secretary of State Rubio stated on Monday that the United States will take measures to alleviate rising energy prices caused by the surge in oil prices due to the conflict in Iran. Rubio added that U.S. Treasury Secretary Bessent and Energy Secretary Wright will announce the related plan on Tuesday.
In addition, U.S. State Department officials stated that the U.S. government is urging Americans to "leave immediately" from more than a dozen countries and regions in the Middle East, including Bahrain, Egypt, Iran, Iraq, Israel, the West Bank and Gaza, Jordan, Kuwait, Lebanon, Oman, Qatar, Saudi Arabia, Syria, the United Arab Emirates, and Yemen. According to CNN, a senior U.S. official revealed that the United States is preparing for a "large-scale strike" against Iran within the next 24 hours.
Former U.S. Treasury Secretary Yellen stated that the conflict in Iran has made the Federal Reserve more inclined to hold steady. The duration of the conflict’s impact on the oil market will determine the extent of its drag on U.S. economic growth and the degree of inflationary pressure, complicating the Fed’s task. According to CME’s “FedWatch,” the probability of the Fed holding rates steady in March is 97.5%, with markets still betting on a near-term pause in policy. JPMorgan Chase CEO Dimon said that if the Iran conflict does not escalate, severe inflation will not occur; current conditions are expected to cause only a modest rise in natural gas prices. The U.S. Dollar Index rose sharply by 0.79% on March 2, closing at 98.382 in late forex trading.