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Oil Soars Past $120 as Trump Vows to Continue Hormuz Blockade

Brent crude oil prices surged above $120 per barrel after US President Donald Trump stated the Strait of Hormuz blockade will continue until Iran agrees to a nuclear deal. In an interview with Axios, Trump rejected Iran's proposal to lift the blockade before talks, using it as leverage. Economist Jeffrey Sachs warned the world economy could face a severe crisis due to sustained supply disruptions. The continued surge in crude prices is being closely monitored as prolonged disruptions could further tighten global energy supplies.

Key Points: Brent Crude Crosses $120 on Trump's Hormuz Blockade

  • Brent crude crosses $120 per barrel
  • Trump insists on blockade until Iran agrees to deal
  • Strait of Hormuz blockade disrupts global oil supply
  • Economist Jeffrey Sachs warns of severe world economic crisis
2 min read

Brent crude crosses USD 120 after Trump says Hormuz blockade will continue till Iran agrees to deal

Brent crude surges above $120 after Trump says Strait of Hormuz blockade will continue until Iran agrees to a nuclear deal. Economist Jeffrey Sachs warns of global crisis.

"The blockade is somewhat more effective than the bombing. They are choking like a stuffed pig. - Donald Trump"

New Delhi, April 30

Brent crude oil prices surged above USD 120 per barrel on Thursday after US President Donald Trump said the naval blockade of the Strait of Hormuz will continue until Iran agrees to a deal with the United States.

In an exclusive interview with Axios on Wednesday, Trump said the blockade is being used as a key tool to pressure Iran over its nuclear programme.

"The blockade is somewhat more effective than the bombing. They are choking like a stuffed pig. And it is going to be worse for them. They can't have a nuclear weapon," Trump told Axios.

According to Axios, Trump rejected Iran's proposal to first reopen the Strait of Hormuz and lift the blockade before holding nuclear talks. Instead, he has insisted that Iran address US concerns before any easing of restrictions.

The report added that while Trump currently views the blockade as his primary leverage, he could consider military action if Iran does not agree to negotiations. However, he declined to discuss any specific military plans during the interview.

The development comes amid rising tensions in West Asia and concerns over disruption in global oil and gas supplies. The Strait of Hormuz is a key route for energy shipments, and any prolonged blockade is expected to impact global markets.

Reacting to the situation, renowned economist Jeffrey Sachs warned that the world economy could face severe consequences due to the ongoing crisis.

"The world economy will suffer a terrible crisis," Sachs said while addressing the FICCI Legend Series, highlighting the risks posed by sustained supply disruptions.

He said the current situation reflects a fragile balance in global energy markets and cautioned that prices could rise further if supply shortages continue.

"The betting is that somehow that shortage will be alleviated... but if it isn't, the price will continue to rise," he added.

Sachs noted that the combination of geopolitical tensions and rising oil prices could lead to broader economic instability across countries.

The continued surge in crude prices is being closely watched by global markets, as prolonged disruptions in the Strait of Hormuz could further tighten supply and push prices higher in the coming period.

- ANI

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Reader Comments

P
Priya S
Trump's "choking like a stuffed pig" comment is so crude and insensitive. This blockade is hurting ordinary people everywhere, not just Iran. India's economy will take a big hit if this continues. Hope our diplomats are working on backchannel talks! 🤞
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Vikram M
Sach's warning about a global crisis is spot on. We saw what happened in 2008 when oil prices surged. India should use this chance to ramp up renewable energy and strategic reserves. But the short-term pain for the common man will be real, yaar. 🛢️💸
R
Rohit P
This feels like a repeat of the 2019 drone attacks. The US is using this blockade as a negotiation tactic, but it's the rest of the world that suffers. India should push for a diplomatic solution, not just watch from the sidelines. 😔
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Meera T
I'm worried about my husband's business. He runs a small transport company and diesel prices are already hurting us. If crude goes much higher, we may have to shut down. The government must announce subsidies or relief for small businesses. 🙏
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Siddharth J
Very interesting to see how this unfolds. India has been buying cheap Russian oil, but diversion via Hormuz is another matter. Maybe we should fast-track the India-Middle East-Europe corridor, but that's years away. Short term, we need to diversify sources. 🌏

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