Already, a new wave of oil price spikes kicked off on Monday (April 13) in early Asian trade, with WTI nearly 9% up and Brent almost 8% higher as of 12noon Tokyo time.
In a Truth Social media post, President Donald Trump called Iran’s move over Hormuz as “world extortion”, while issuing a stern warning: vessels suspected of having paid an “illegal” toll to Iran to cross the Hormuz Strait will be interdicted by the US Navy.
Oil prices jump
Trump admitted overnight on Sunday (April 12) that oil and gasoline prices could remain elevated through November’s midterm elections, in a rare acknowledgment of possible political fallout from his decision to strike Iran on Feb. 28.
Certain US lawmakers have questioned Trump’s strategy, arguing that it may fail to deter adversaries while increasing the risk of broader conflict and further pressure on global oil supplies.
Asked whether energy costs would ease by the fall, Trump said: “It could be, or the same, or maybe a little bit higher, but it should be around the same,” he said, suggesting prices may stay persistently high in the months ahead.
WHAT IS A NAVAL BLOCKADE? A naval blockade is a military measure that stops ships from entering or leaving enemy ports or waters to cut off trade, supplies or military access. It’s considered a form of economic and strategic pressure short of full ground war — but it can dramatically disrupt commerce and the flow of goods.
His comments come as energy markets remain volatile following the breakdown of negotiations with Tehran and renewed US military action, which has heightened concerns over regional stability and supply risks.
What the blockade means
The blockade marks a shift away from diplomacy toward a more coercive approach, warning it could deepen tensions in the Middle East.
Trump himself has said he “doesn’t care” whether or not Iran goes back to the negotiating table.
Trump’s remarks and the volatility of the current situation, underscore growing political sensitivity around fuel prices in an election year, when energy costs often play a decisive role in voter sentiment.
Why is the US announcing one now?
Trump and US Central Command said the blockade is a response to the failure of peace talks with Iran in Islamabad and Tehran’s control over shipping through the Strait of Hormuz — a chokepoint that handles about 20% of the world’s oil and gas shipments.
