🇺🇸⚡ Trump's Blockade Is Triggering a Historic Oil Shock — Brent Hits $119
President Trump declared Washington will maintain its naval blockade on Iran until Tehran agrees to a nuclear deal, reinforcing fears of prolonged disruption to energy flows through the Strait of Hormuz.
Trump told Axios:
👉 "The blockade is somewhat more effective than the bombing. They are choking." 👉 "The pressure is going to be worse" for Iran.
Market impact:
Brent crude surged to $119.94 per barrel, extending gains for a ninth straight session. Prices briefly touched a 4-year high of $124.67 on concerns about possible U.S. military escalation.
He rejected Tehran's proposal to reopen the strait, opting instead to maintain the blockade as leverage over Iran's nuclear program. U.S. officials say Trump has instructed his team to prepare for a long-term blockade.
Why it matters:
The Strait handles ~20% of global oil supply. Closure has created one of the biggest energy disruptions in history. The US also imposed a blockade on Iranian ports. Negotiations between the US and Iran have stalled.
Soon after, Trump lashed out at German Chancellor Merz on Truth Social, claiming Merz "doesn't know what he's talking about" on Iran after Merz said the US was being "humiliated" by Tehran's leadership.
Oil has more than doubled this year. The 2008-style shock is here. 🌍🔥
Sources: Axios, Reuters, Yonhap Infomax, Trump Truth Social