Following the remarks, oil prices spiked to their highest levels in over four years, with Brent crude hitting $126.41 and West Texas Intermediate rising to $110.31 before paring some gains.
The President is scheduled to meet with Admiral Brad Cooper, head of U.S. Central Command (CENTCOM), on Thursday to review new military options. CENTCOM reported a "significant milestone" this week, claiming it successfully redirected the 42nd commercial vessel attempting to bypass the blockade.
Officials estimate that 41 tankers carrying 69 million barrels of oil, valued at over $6 billion, are currently stalled and cannot be sold by the Iranian regime.
“They are choking like a stuffed pig. And it is going to be worse for them,” Trump told Axios, emphasizing his strategy of economic strangulation.
The blockade comes amid significant geopolitical friction. Negotiations between the U.S. and Iran are at a standstill. Vice President JD Vance recently aborted two trips to Pakistan intended for mediation, as U.S. officials expressed uncertainty over who is currently leading Iranian policy following Israeli strikes on top officials.
Russian President Vladimir Putin warned Trump of “damaging consequences” if the U.S. and Israel resume active warfare. Meanwhile, Trump threatened to reduce U.S. troop presence in Germany after Chancellor Friedrich Merz refused to support the blockade or a peacekeeping force in the Strait of Hormuz.
The UN Development Programme warned that the conflict and rising fertilizer costs could plunge 30 million people into poverty globally. In Iran, the rial has hit historic lows, fueling a sense of despair among residents.
Despite the pressure, Iranian Parliament Speaker Mohammad Bagher Ghalibaf insisted the blockade is a tool intended to “make us collapse from within.” Tensions also remain high on the Lebanese front; despite a ceasefire, the Lebanese army reported that recent Israeli strikes have killed and wounded its soldiers, while a UN-backed report indicates over 1.2 million people in Lebanon face acute hunger due to the ongoing instability.
