Trump warns Iran blockade could last months, sending oil prices soaring
TEHRAN, WASHINGTON, BEIRUT, JERUSALEM: President Donald Trump said a US naval blockade against Iran could last months, leading oil prices to spike to their highest level in more than four years, which held into Thursday.
Meeting oil executives, Trump contended that the blockade of Iranian ports — which Tehran has demanded must end before any deal — was more effective than bombing.
Trump, speaking to Axios, said of the naval action on Iran: “They are choking like a stuffed pig. And it is going to be worse for them.”
Oil prices soared to four-year highs, with US benchmark Brent spiking more than seven percent to $126.41 for June delivery, while West Texas Intermediate was up around three percent to $110.31. Both later pared the gains.
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.
