A vandalized sign about politicians, foreign oil and gasoline taxes shows 'Trump Policies Did This. Now You Pay More' is seen as a driver fuels a pickup truck at a Chevron gas station in El Segundo, California, April 27, 2026. PATRICK T. FALLON / AFP
President Donald Trump said that a US naval blockade against Iran could last months, leading oil prices on Wednesday, April 29, to spike to their highest in more than four years. With diplomacy between Iran and the United States at a standstill after false starts, Trump spoke by phone with Russian President Vladimir Putin, who warned him of "damaging consequences" if the US and Israel resume their war on Iran.
Meeting oil executives, Trump contended that the blockade of Iranian ports – which Tehran has demanded must end before any deal – was more effective than bombing.
Trump, speaking to Axios, said of the naval action on Iran: "They are choking like a stuffed pig. And it is going to be worse for them."
Brent oil futures soared another 7.6% to $119.69, the highest price since the early days of the Ukraine war in 2022. Iran has sought to extract a price for being attacked by exerting control over the Strait of Hormuz, the narrow waterway through which one-fifth of global oil typically transits.
