The U.S. president has indicated that naval activity against Iran in the Strait of Hormuz will likely carry on, pushing up world oil prices in response.
Donald Trump’s speculation was part of an April 30th diplomatic call to his Russian counterpart Vladimir Putin, who warned of “extremely dire consequences” if a direct U.S.-Israeli war on Iran resumed. Regardless, Trump claimed to be preparing “powerful” new strikes on the Islamic Republic.
Such assessments of the war’s duration were shared the day previously, when Trump briefed oil executives with the contention that blockading Iranian ports was more effective than bombing. He was later quoted by Axios as saying of Iran:
They are choking like a stuffed pig. And it is going to be worse for them.
Tehran itself demands an end to all hostile actions before any peace deal can be struck.
The Brent oil futures market soared another 7.6% to $119.69, a high not seen since the outbreak of war in Ukraine back in 2022.
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