Trump Maintains Iran Naval Blockade Amid Rising Oil Prices, Strait of Hormuz Remains Effectively Closed

US President Donald Trump has defended the ongoing naval blockade of Iranian ports, calling the situation “incredible” as tensions continue to rise between Washington and Tehran. Speaking at the White House, Trump said Iran’s economy was “crashing” and described it as a "disaster", adding that the US would wait to see how long Tehran could sustain the pressure under the blockade. His remarks come amid growing global concern over the escalating conflict and its impact on energy markets.

Global oil prices have remained highly volatile following sharp spikes earlier in the week. Brent crude briefly surged to around $126 per barrel – the highest level since the conflict began – before settling near $114. On Friday, futures for July delivery were trading around $112 a barrel. Analysts say traders are pricing in the risk of prolonged disruption in the Strait of Hormuz, a key route for global oil and gas shipments that has been largely affected since the start of the conflict.

The impact of rising crude prices is already being felt in the United States, where fuel costs have climbed sharply. The national average gasoline price has reached new highs, while retail fuel prices in California have crossed $6 per gallon. The surge has raised political concerns for Trump’s Republican Party ahead of upcoming midterm elections. However, Trump downplayed the impact, saying fuel prices would “drop like a rock” once the conflict ends.

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Iranian leadership has also hardened its position, with Supreme Leader Mojtaba Khamenei signalling that Tehran will not abandon its nuclear or missile programmes. Iran has also indicated it will not reopen the Strait of Hormuz for commercial shipping unless the US lifts its blockade. President Masoud Pezeshkian described the blockade as an “extension of military operations” and warned that it was "intolerable", further escalating tensions.

Meanwhile, US military officials are reportedly preparing strategic options for Trump, including possible limited strikes aimed at breaking the current deadlock, according to media reports. Analysts suggest the next two weeks could be crucial in determining whether the conflict escalates further or moves toward negotiation, with renewed US military action seen as a strong possibility. Iran, however, continues to warn of severe consequences if pressure continues, deepening fears of a prolonged energy and geopolitical crisis.

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