11.03.2026 01:21
Iran's Foreign Minister Abbas Araghchi painted a veritable "apocalyptic scenario" for the world economy with data shared on his social media account. Claiming that the U.S. spreads fake news to manipulate markets, Araghchi argued that the current energy crisis in the Strait of Hormuz would have consequences even more severe than the total of the three largest oil shocks in history.
Iran's Foreign Minister Abbas Araghchi made striking statements that could shake global energy markets and the world economy. In a post on his social media account, Araghchi claimed that the disruptions in the Strait of Hormuz amid tensions with the US and Israel would have consequences more severe than the total of all major oil crises in world history.
"THE US IS MANIPULATING THE MARKET WITH FAKE NEWS"
Sharing a data table through his social media account, Araghchi criticized Washington harshly. The Minister argued that the Trump administration was spreading disinformation to hide the facts, using the following expressions:
"US officials are publishing fake news to manipulate the markets. However, this effort will not be enough to protect them from the 'inflationary tsunami' they have imposed on Americans."
THE BIGGEST SUPPLY DISRUPTION IN HISTORY IN THE STRAIT OF HORMUZ
According to the data shared by Araghchi, the daily loss of 20 million barrels (MBP) due to the blockage in the Strait of Hormuz by 2026 is described as the biggest shock in economic history.
The Iranian Minister made comparisons with past major crises to illustrate the severity of this figure:
1973 Arab oil embargo: The loss in the embargo imposed on the West was at the level of 4.4 MBP.
1979 Iranian Islamic Revolution: The loss recorded due to the halt in production was 5.6 MBP.
1990 Invasion of Kuwait: A volume loss of 4.3 MBP occurred due to the withdrawal of Iraq and Kuwait from the market.
Araghchi emphasized that the current situation has created an even larger supply gap than the total of these three major historical crises.
WHAT DO THE COMPARED HISTORICAL CRISES REVEAL?
The statistics shared by Araghchi point to the biggest breaking points that oil markets have seen to date.
During the 1973 embargo, oil prices skyrocketed within months, leading to a global energy crisis.
In 1979, global production was reduced, and prices doubled in a short time.
The 1990 invasion of Kuwait created a shock effect in the markets, putting the global economy at risk of recession.
BLOCKADE INCREASED TENFOLD
According to figures provided by the Iranian side, the current volume of the blockade in the Strait of Hormuz has reached nearly ten times the loss experienced during the Russia-Ukraine war (1.0 - 3.0 MBP). Experts warn that such a scale of supply disruption could create a massive wave of inflation not only in fuel prices but in every category from food to logistics worldwide.
THREAT FROM THE REVOLUTIONARY GUARDS TO THE WORLD
On the other hand, Alireza Tengsiri, Commander of the Iranian Revolutionary Guards Navy, stated that no ship connected to those attacking Iran has the right to pass through the Strait of Hormuz, saying, "If you have doubts, come closer and try."
US President Donald Trump stated that if Iran makes any attempt to obstruct the flow of oil in the strategically important Strait of Hormuz for global oil trade, the US would respond with a much harsher military response.
In his statement, the US President said, "If Iran does anything to stop the flow of oil in the Strait of Hormuz, it will be hit 20 times harder than what it has seen from the US so far."