Erdogan: Hormuz Crisis Will Continue to Put Pressure on Oil Prices
World
Turkish President Recep Tayyip Erdogan said oil prices will continue to rise as long as the deadlock around the Strait of Hormuz persists. He said the consequences of the conflict are affecting not only Iran and the Gulf states but also the global economy.
Erdogan made the remarks after a Cabinet meeting in Ankara. The Turkish leader noted that oil prices are rising in many countries, including the United States, and linked the situation to a war he described as resulting from “provocations and incitement by Israel.”
“The bill for the war that began because of Israel’s provocations and incitement is being paid not only by the Iranian people, but by the whole world. As long as this radical approach does not change, the storm of the crisis will not subside,” Erdogan said in an address to the nation.
At the same time, the president stressed that Türkiye continues to keep its economy on a path of development and growth. He described the updated medium-term economic program published on September 6 as a continuation of this course. According to Erdogan, despite existing difficulties, the government does not intend to abandon policies focused on production and investment and will maintain its determined fight against inflation.
On September 6, Turkish Vice President Cevdet Yilmaz, presenting the updated medium-term program, said the 2026 annual inflation forecast had been raised from 16% to 28.4%.
Attacks on oil infrastructure and tankers have continued amid the conflict. On September 5, US Central Command said American forces had attacked three Iranian oil tankers near Kharg Island, in the Jask area and in the Gulf of Oman. Iranian forces responded by striking three US-affiliated oil tankers in the Strait of Hormuz.
Reuters later reported that Iran’s Islamic Revolutionary Guard Corps had launched a ballistic missile strike against a US aircraft carrier and destroyer. Bloomberg reported on Monday that Goldman Sachs expects oil prices to rise to $120 a barrel if attacks on tankers in the Middle East increase.
“The bill for the war that began because of Israel’s provocations and incitement is being paid not only by the Iranian people, but by the whole world. As long as this radical approach does not change, the storm of the crisis will not subside,” Erdogan said in an address to the nation.
At the same time, the president stressed that Türkiye continues to keep its economy on a path of development and growth. He described the updated medium-term economic program published on September 6 as a continuation of this course. According to Erdogan, despite existing difficulties, the government does not intend to abandon policies focused on production and investment and will maintain its determined fight against inflation.
On September 6, Turkish Vice President Cevdet Yilmaz, presenting the updated medium-term program, said the 2026 annual inflation forecast had been raised from 16% to 28.4%.
Attacks on oil infrastructure and tankers have continued amid the conflict. On September 5, US Central Command said American forces had attacked three Iranian oil tankers near Kharg Island, in the Jask area and in the Gulf of Oman. Iranian forces responded by striking three US-affiliated oil tankers in the Strait of Hormuz.
Reuters later reported that Iran’s Islamic Revolutionary Guard Corps had launched a ballistic missile strike against a US aircraft carrier and destroyer. Bloomberg reported on Monday that Goldman Sachs expects oil prices to rise to $120 a barrel if attacks on tankers in the Middle East increase.
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