Posted on 04/29/2026 8:59:08 AM PDT by Miami Rebel
Oil prices jumped more than 5% Wednesday, on a report that President Donald Trump is prepared to keep the U.S. Navy blockade of Iran in place for an extended period.
International benchmark Brent crude futures rose more than 5% to $117.58 per barrel at 11:21 a.m. ET, U.S. West Texas Intermediate futures with June delivery rose more than 5% to $105.33 per barrel.
Trump has decided in recent meetings to continue the blockade of Iran rather than resume bombing or walk away from the conflict, U.S. officials told The Wall Street Journal. The president has told his aides recently to prepare for an extended blockade to pressure Tehran, the officials said.
Trump threatened Iran again on Wednesday in a Truth Social post, saying the country “better get smart soon!” and accusing Tehran’s leadership of failing to “get their act together.”
Attempts to continue negotiations to end the war have stalled in recent days. Iran has refused to reopen the Strait of Hormuz until the U.S. lifts its blockade. Tehran’s control of the strait has choked off oil exports from the Middle East.
Energy market participants were also digesting the ramifications of the UAE’s abrupt decision to quit OPEC, although analysts said the move was likely to have a limited market impact given the ongoing Middle East crisis.
Strategists at Dutch bank ING said in a research note published Wednesday that the UAE’s exit from the oil producer group represents “a big blow” to OPEC and would certainly be welcomed by Trump “as it erodes OPEC’s influence in the oil market, while it should also be beneficial for importers and consumers.”
“However, in the near term, the biggest driver for oil prices remains developments in the Persian Gulf and the timing of a resumption in oil flows through the Strait of Hormuz,” they added.
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So this goes on indefinitely now,,,,big sigh.
The Hormuz closure/blockade ordeal is not impacting the U.S. the same way it’s impacting countries in Asia...their nationwide energy rationing isn’t covered much in American media, but it’s pretty severe.
Asia gets 80% of its oil through the strait...
“No panic at the pumps … South Koreans just stop driving on Wednesdays”
“President Lee Jae-myung has urged the public to ‘save every drop of fuel’ and introduced a number-plate rotation to keep drivers off the road”
https://www.thetimes.com/world/middle-east/article/south-korea-oil-hormuz-iran-85khxgk5q
Needto be down in the fall, when most people start tuning in.
Trump may need to yank the minesweepers as per the War Powers Resolution.
People just don’t get that POTUS is happy to see the Straits blocked until he gets 100% of what he wants.
Yes, it gives Democrats some weak talking points for midterms
But almost no US troops have been killed. No “boots on the ground” are needed, China and the woke EU are being squeezed, London and China are both being kicked-out of Hormuz and the region, and the USA is achieving control over ALL the choke-points of world energy flows.
Trump has not achieved regime change in Iran, but he’s got them by the short hairs. He’s trying to motivate internal factions to overthrow the IRGC and he’s got far more time to hold-out than they do.
Trump is winning, bigly.
Source: Monthly U.S. Gasoline Prices | Historical Chart | Data | 1990-2026 Macrotrends Historical Chart
Today's media headlines want us not to remember June of 2022.....
June 22 prices impacted the 2022 midterms, but they are irrelevant going into this year’s.
Do you really imagine that voters will shrug and say, “Yeah, it was worse four years ago”?
The IRGC does not care about this.
Like Hamas (who they trained) they can stay dug in for years.
“Trump is winning, bigly.”
Nonsense.
We have accomplished nothing until/unless the original two objective are achieved:
- retrieve the U-235
- end Iran’s ability to project power outside its own borders
Anything less is an existential defeat for the US, and for POTUS Trump.
My bet is that won't happen.
The real question is which is worse in terms of long term damage to Iran: the blockade or the bombing? If the oil wells are infused with water, that may be worse than the damaged infrastructure money can resolve.
As the holding facilities of Iran fill to capacity and then to overflowing, and as wells have to be shut down, simple mechanics will overrule much. Tick tock.
This is April. The elections are about a half a year away. In the interim, much can and likely will happen. I don't put much stock in either 'happy talk' or 'gloom and doom.' Content to wait and see.
Oh geez what crap
“Oh geez what crap”
What, exactly, is crap?
I am not sure I understand this line of reasoning. US wells in Texas and other places get capped and uncapped depending on supply and demand. How are wells in Iran different? I am not an oil industry expert so help me understand this.
Who's to say the faction that takes control will be any better? This is not what "winning" looks like, with Americans struggling to make ends meet.
Had to drive yesterday and it certainly felt like there were fewer people on the road. Definitely impacting life here.
Still no where near the $5 plus under Biden...and he caused it..
High oil prices are outstanding when they are used to stop Global Warming.
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