June 12, 2026
Abbas Araghchi says Tehran will defend its rights in ongoing negotiations
The vital sea channel remains closed since the Iran war, choking off 20 percent of the world's supplies of oil and gas
The country has declared a state of national energy emergency to ensure supply
Strait of Hormuz shutdown disrupts global oil flows
Brent rises to $80 as tanker shipments through the Strait of Hormuz stop, and analysts warn oil could hit $100
Any disruption could shake global supply, but US and China hold key reserves
