Oil prices have surged by over seven percent, reaching a four-year high above $126 per barrel on Thursday as reports emerged that President Donald J. Trump indicated the U.S. blockade of Iranian ports could extend for months. This follows indications that Trump is considering launching fresh military strikes against Iran.
According to national security officials, President Trump has reportedly instructed preparations for a prolonged blockade to pressure Iran into abandoning its nuclear program. Tehran has been reported to have proposed reopening the Strait of Hormuz, but Trump dismissed this outreach as insincere.
Iran’s disruption of the crucial waterway—through which a fifth of the world’s oil and gas and much of global fertilizer supplies flow—is causing significant strain on energy markets and has already triggered a jet fuel crisis.
In Asian trading, Brent crude for June delivery rose 7.1 percent to $126.41 per barrel before dropping back to $114.70. West Texas Intermediate advanced 3.4 percent to $110.31 before settling at $105.12. Global stock markets declined, with Tokyo, Hong Kong, Seoul, and Mumbai each falling more than one percent; Sydney, Taipei, Bangkok, Manila, and Jakarta also closed lower. The U.S. dollar strengthened against other major currencies as a safe-haven asset amid the turmoil.
“Iran can’t get their act together,” Trump stated on Truth Social. “They don’t know how to sign a nonnuclear deal. They better get smart soon.”
