US President Donald Trump stated that a naval blockade imposed by the United States on Iran could continue for several months, triggering a sharp rise in global oil prices on Wednesday. The surge pushed crude rates to their highest level in more than four years. With diplomatic efforts between Washington and Tehran stalled after multiple unsuccessful attempts, Trump also held a phone conversation with Russian President Vladimir Putin, who cautioned that renewed military action by the US and Israel against Iran could lead to “damaging consequences” for regional and global stability.
During a meeting with leading oil executives, Trump argued that maintaining a blockade on Iranian ports would be more effective than launching airstrikes. Tehran, however, has insisted that any negotiations must begin with the removal of this blockade. According to a senior White House official who spoke anonymously, Trump discussed his efforts “to alleviate global oil markets and steps we could take to continue the current blockade for months if needed and minimize impact on American consumers.” Speaking to Axios, Trump added about the naval action: “They are choking like a stuffed pig. And it is going to be worse for them.”
Global oil markets reacted strongly to these developments, with Brent crude futures jumping by 7.6 percent to reach $119.69 per barrel, marking the highest level since the early phase of the Ukraine conflict in 2022. Iran, meanwhile, has attempted to retaliate economically by tightening its grip over the strategically crucial Strait of Hormuz, a narrow maritime route through which roughly one-fifth of the world’s oil supply typically passes. This move has heightened fears of supply disruptions, further fueling volatility in global energy markets and raising concerns among major oil-importing nations.
Trump is facing mounting domestic and international pressure to bring an end to the ongoing conflict, which remains unpopular even among sections of his political base. The war has contributed to rising fuel costs for American consumers and has unsettled key US allies. On Wednesday, Trump sharply criticized German Chancellor Friedrich Merz, even threatening to reduce US troop presence in Germany after Berlin declined to support military action against Iran or participate in a peacekeeping mission in the Strait of Hormuz. Merz had earlier remarked that Iran was “humiliating” Washington in negotiations.
Efforts to revive diplomacy have faced repeated setbacks. Senior US officials, including Vice President JD Vance, cancelled planned visits to Pakistan twice last week, where talks with Iranian representatives were expected. Tehran has questioned Trump’s sincerity in pursuing diplomatic solutions. Meanwhile, US authorities have expressed uncertainty about Iran’s leadership structure following Israeli strikes that eliminated several top officials. It remains unclear whether authority now lies primarily with the hardline Revolutionary Guards or with the country’s diplomatic representatives, complicating any potential negotiations.
The humanitarian and economic consequences of the conflict are becoming increasingly severe. The United Nations Development Programme has warned that the war could push over 30 million people into poverty across 160 countries, partly due to rising fertilizer prices and broader economic disruptions. UNDP chief Alexander De Croo told AFP, “It's development in reverse.” Despite Iran’s continued defiance, its currency, the rial, has plummeted to record lows against the US dollar, reflecting deepening economic distress within the country.
Iranian citizens have expressed growing frustration and hopelessness over the situation. Residents of Tehran, speaking to AFP journalists in Paris, described worsening living conditions. A 52-year-old architect, who chose to remain anonymous, said, “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.” He added, “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',” highlighting widespread public disillusionment.
Iran has proposed reducing its control over the Strait of Hormuz if the United States agrees to lift the blockade and engage in broader negotiations, though the Trump administration has viewed this offer with skepticism. Iran’s parliamentary speaker Mohammad Bagher Ghalibaf accused Washington of attempting to destabilize the country internally, stating that the blockade was designed to create divisions and “make us collapse from within.” His remarks underscore the deep mistrust between both nations as tensions continue to escalate.
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Meanwhile, violence persists on the Lebanese front despite a recently extended ceasefire between Israel and Hezbollah, the Iran-backed militant group. The conflict originally intensified after Hezbollah launched rocket attacks into Israel, prompting retaliatory airstrikes and a ground offensive. The Lebanese army reported that, for the first time since the ceasefire began, Israeli forces targeted its troops, injuring two soldiers in southern Lebanon on Tuesday. Another strike on Wednesday resulted in the death of a Lebanese soldier, further straining the fragile ceasefire agreement.
Lebanese President Joseph Aoun condemned the ongoing attacks and emphasized the need for diplomatic solutions. In an official statement, he said, “Israel must finally realise that the only path to security is through negotiations, but it must first fully implement the ceasefire in order to move on to negotiations,” and added, “Israeli attacks cannot continue as they are.” A UN-backed assessment released Wednesday warned that over 1.2 million people in Lebanon could face acute hunger due to the continuing conflict, signaling a deepening humanitarian crisis.