President Donald Trump said that a US naval blockade against Iran could last months, leading oil prices to spike to their highest level in more than four years, which it did on Thursday.
With diplomacy between Iran and the United States at a standstill after false starts, Trump spoke by phone on Wednesday with Russian President Vladimir Putin, who warned him of damaging consequences if the United States and Israel resume their war on Iran.
Meeting with oil executives, Trump contended that the blockade of Iranian ports, which Tehran has demanded must end before any deal, was more effective than bombing.
US Central Command (CENTCOM) said on Wednesday in a statement on X that it had reached a significant milestone after successfully redirecting the 42nd commercial vessel attempting to violate the blockade.
It said that there are 41 tankers with 69 million barrels of oil that the Iranian regime can’t sell, estimating the value to be more than $6 billion.
Trump has faced intense political pressure to end the war, which is unpopular even with much of his base, and has increased costs for American consumers paying at the pump and unnerved US allies.
In a Tuesday meeting, Trump discussed his efforts to alleviate global oil markets and the steps we could take to continue the current blockade for months if needed and minimise the impact on American consumers, a White House official said on condition of anonymity.
Trump, speaking to Axios, said of the naval action on Iran that, “They are choking like a stuffed pig. And it is going to be worse for them.”
Oil prices held around four-year highs with the US benchmark Brent for June delivery, hitting a peak of $122.53 a day earlier before sitting around $120 on Thursday. The International benchmark West Texas Intermediate was, meanwhile, around $108.
Iran has sought to extract a price for being attacked by exerting control over the Strait of Hormuz, the narrow waterway through which about one-fifth of global oil typically transits.
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