Trump warns Iran blockade could last months, sending oil prices soaring to 4-year high
Oil prices soared more than 7 per cent to a four-year high above US$126 on Thursday (Apr 30).
USS Rafael Peralta (DDG 115) near what the US Central Command said was a vessel attempting to sail to an Iranian port at an unknown location, in a photo released on Apr 24, 2026. (Photo: US Central Command/Handout via REUTERS)
WASHINGTON: Oil prices soared more than 7 per cent to a four-year high above US$126 on Thursday (Apr 30) after President Donald Trump warned that the US blockade of Iranian ports could last months and a report said he would be briefed on potential fresh military strikes.
While Tehran submitted a fresh proposal this week to reopen the crucial Strait of Hormuz, the US president reportedly did not believe it was negotiating in good faith.
The Wall Street Journal said he had told national security officials to prepare for a long blockade to compel the Islamic Republic to give up its nuclear programme.
At a meeting of oil executives on Tuesday, Trump discussed efforts "to alleviate global oil markets and steps we could take to continue the current blockade for months if needed and minimise impact on American consumers", a White House official said on condition of anonymity.
It came as Axios cited two unnamed sources with knowledge as saying Admiral Brad Cooper, commander of US Central Command (CENTCOM), would brief Trump on potential military action.
The briefing signals the president is seriously considering resuming major combat operations - which were ended more than three weeks ago for talks - to try to break the logjam in negotiations or deliver a final blow before ending the war, Axios reported.
The outlet had earlier reported Trump as saying the blockade was "somewhat more effective than the bombing. They are choking like a stuffed pig. And it is going to be worse for them. They can't have a nuclear weapon".
He added that the naval action would not end until he had secured a deal with Tehran to address its nuclear programme, it said.
In a post on his Truth Social platform, Trump wrote: "Iran can't get their act together. They don't know how to sign a non-nuclear deal. They better get smart soon!"
The prospect of the strait - through which a fifth of world oil and gas passes - being closed for months more sent crude surging to the highest level since 2022, after Russia invaded Ukraine.
Brent for June delivery surged 7.1 per cent to US$126.41 per barrel in Asian trade, while West Texas Intermediate climbed 3.4 per cent to US$110.31. Both later pared the gains.
Analysts said traders were beginning to shift to the view that the crisis will not be as short as initially hoped.
Stock markets fell, with Tokyo, Hong Kong, Seoul and Mumbai all down more than 1 per cent, while Sydney, Taipei, Bangkok, Manila and Jakarta were also down. There were gains in Shanghai, Singapore and Wellington.
"THE ISSUE IS ALWAYS NUCLEAR"
The US leader on Wednesday lashed out at German Chancellor Friedrich Merz, threatening to reduce the number of its troops in Germany over Berlin's refusal to back the war in Iran or contribute to a peacekeeping force in the Strait of Hormuz.
Merz has become a target of Trump's ire after saying earlier this week that Iran was "humiliating" Washington at the negotiating table.
Top US officials, including Vice President JD Vance, twice turned back last week from trips to Pakistan to negotiate with Iran, which has voiced doubts about Trump's sincerity for diplomacy.
US officials contend they do not know who is speaking for Iran, whether it is the hardline and increasingly empowered Revolutionary Guards or diplomats, after Israeli strikes killed a series of top leaders.
The UN Development Programme warned that the war, which has also sent the price of fertiliser soaring, could plunge more than 30 million people into poverty in 160 countries.
"It's development in reverse," UNDP chief Alexander De Croo told AFP.
But despite the defiance of the cleric-run state, the Iranian rial fell to historic lows against the dollar.
Tehran residents speaking to AFP journalists in Paris reported a sense of despair.
"Every time in recent years that negotiations have taken place, the economic situation of the people has only gotten worse. Sanctions have either started or intensified," a 52-year-old architect told AFP, speaking on condition of anonymity.
"The issue is always nuclear. There's no talk about people, the economy or freedom. People have the right to not even want to hear the word 'negotiation'," he said.
