Seyed Abbas Araghchi, Minister of Foreign Affairs of Iran, called the U.S.-Iran war a miscalculation and blamed Washington for repeatedly suffering from intelligence failures.
Araghchi took to X on Thursday to criticize the U.S. for its handling of the situation in the Strait of Hormuz. He stated, “The U.S. has long miscalculated due to intelligence failures. Case in point: The war on Iran. Now, an even bigger miscalculation on the Strait of Hormuz.”
He also warned that “fake intelligence” is more harmful than “fake news.”
The U.S. has long miscalculated due to intelligence failures. Case in point: The war on Iran. Now, an even bigger miscalculation on the Strait of Hormuz.
— Seyed Abbas Araghchi (@araghchi) August 13, 2026
Worse than fake news is fake intelligence. Be careful.
Allah is Great, Greater than ANY power on Earth. In Allah we trust.
US Vows Indefinite Iran Blockade
The Strait of Hormuz has been a focal point of escalating tensions between the U.S. and Iran. The U.S. has maintained a naval blockade of Iranian ports, causing severe economic damage to the country. On Thursday, Defense Secretary Pete Hegseth told reporters during a trip to Panama that the blockade can be maintained “indefinitely.”
“…because we’ll rotate ships in and out, as we have, and we’ll continue to,” Hegseth.
Meanwhile, Treasury Secretary Scott Bessent said in an interview on Newsmax’s "Rob Schmitt Tonight" program, that the U.S. will impose “never been seen” economic isolation on Iran, with more measures expected to be announced next week.
Earlier, President Donald Trump claimed that the U.S. has ‘total control’ over the Strait, a statement that has been contested by Iran’s Persian Gulf Strait Authority (PGSA). The PGSA insisted that the waterway remains blocked, contradicting Trump’s assertions.
At the time of writing, Brent crude oil futures were trading 1.60% higher at $88.45 per barrel, while WTI crude futures were trading 1.88% higher at $82.80 per barrel.
Oil Supply Shock Could Hit By 2030
The ongoing blockade and the resulting tensions have had significant implications for the global oil market. Rick Rule, a veteran natural-resource investor, argued that a ceasefire or improved tanker traffic through the Strait of Hormuz could ease oil prices in the short term, but cannot solve a deeper supply problem.
He warned that today’s disruption could foreshadow an oil shortage in 2029–30, driven by years of underinvestment in production. According to his research, the global oil and gas industry, including state-owned producers, has underinvested more than $1 billion a day in sustaining capital.
Meanwhile, the IEA expects global oil supply to drop by 4.3 million barrels per day, or about 4%, this year as renewed Middle East hostilities disrupt production and shipping, worsening the oil market deficit.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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