US weighs prolonged maritime pressure
The prospect of a blockade intensified on Wednesday, as the United States signalled it may pursue a long-term closure of Iranian ports, a move that could further strain the global economy. Oil prices reacted sharply, climbing to a four-year high amid mounting uncertainty.
The conflict, which erupted on 28 February with large-scale US-Israeli airstrikes on Iran, has already claimed thousands of lives, mainly in Iran and Lebanon. Its economic shockwaves continue to ripple across global markets.
Although a ceasefire announced by US President Donald Trump on 8 April halted active fighting after 40 days, tensions remain high. Washington appears to be preparing for a months-long port blockade in response to Tehran’s closure of the Strait of Hormuz, a vital route through which around one-fifth of global hydrocarbons typically pass.
During a meeting at the White House with oil industry leaders, officials discussed measures to sustain the blockade if necessary while limiting its impact on American consumers.
Trump described the approach as effective, stating that a blockade could be “a little more effective than bombing” in remarks to Axios.
Oil prices surge amid uncertainty
The ongoing standoff has unsettled markets, with Brent crude surpassing $119 per barrel — its highest level since 2022, when Russia invaded Ukraine.
Analysts warn of a “prolonged stalemate”, noting that while large-scale fighting has subsided, no durable solution is in sight. Experts at DNB highlighted that negotiations between Washington and Tehran appear increasingly unlikely.
Iranian officials accuse the US of attempting to destabilise the Islamic Republic through economic pressure and internal divisions. Parliamentary Speaker Mohammad Bagher Ghalibaf called for unity, warning against efforts to weaken the country from within.
Global and regional fallout
Russian President Vladimir Putin cautioned Trump against further military escalation, warning of damaging consequences not only for Iran and its neighbours but for the entire international community.
Meanwhile, US lawmakers have sharply criticised the handling of the war, describing it as a “geopolitical disaster” and a “strategic failure”. The Pentagon estimates the conflict has already cost around $25 billion.
Inside Iran, the economic toll is mounting. The rial has plunged to a record low against the US dollar, reflecting deepening financial strain. Residents in Tehran voiced pessimism, with some expressing little hope for a negotiated solution.
The surge in energy prices could push more than 30 million people worldwide into poverty, according to the United Nations Development Programme.
In Lebanon, another key front in the conflict, two people — including a soldier — were killed in Israeli strikes in the south, according to Beirut authorities. The previous day, 19 people died, including three rescue workers.
Lebanese President Joseph Aoun urged Israel to fully implement the ceasefire announced on 17 April before any direct negotiations begin.
The humanitarian situation is worsening, with the World Food Programme warning that 1.2 million people in Lebanon face acute food insecurity.
Trump said he had urged Israeli Prime Minister Benjamin Netanyahu to limit strikes to “surgical” operations and avoid broader escalation, noting that widespread destruction harms Israel’s international image.
Also read: Trump’s “No More Mr Nice Guy” post targets Iran
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