explainer
President Trump said the US blockade of Iranian ports was working and urged the Iranian government to “give up” amid rising tensions.
Published April 30, 2026
US President Donald Trump said the US blockade of Iranian ports was a success and urged Iran to “just give up” as tensions over the Strait of Hormuz deepen and pressure mounts.
Iran has strongly objected, with parliament speaker Mohammad Berger Ghalibaf dismissing the US operation as ineffective, while the military says Iran’s previous restraint was “intended to give diplomacy a chance.”
Meanwhile, tensions in the Strait of Hormuz are spilling over into global markets, with oil prices soaring above $120 a barrel and U.S. gasoline prices rising to a four-year high.
Here’s what we know as the conflict enters its 62nd day:
in iran
Iranian speaker denies oil blockade’s impact on oil: Parliament speaker Mohammad Berger Ghalibaf said no oil wells had “exploded” under the US blockade and insisted the measures were only pushing up world prices. He added that Iran’s stockpiles were not yet at capacity and accused U.S. officials, including Treasury Secretary Scott Bessent, of acting on “shitty advice” on the policy. Could the blockade force a production halt? The U.S. says the export suspension will eventually max out Iran’s stockpiles, forcing it to halt production, but analysts say remaining reserves may only cover about 20 days of production. As Muyu Xu, senior crude oil analyst at Kpler, points out, production cuts are likely to be phased in and likely to accelerate into May. ‘Inappropriate conduct’: Iranian soccer executives left Canada, the World Cup co-host, before the start of the FIFA General Assembly due to “inappropriate conduct” by immigration officials at Toronto airport, Iranian media reported.
war diplomacy
Putin-Trump meeting: Russian President Vladimir Putin warns US President Donald Trump not to resume attacks on Iran. Kremlin aide Yuri Ushakov told AFP and other reporters that during the phone call between the two leaders, President Trump’s decision to extend the ceasefire was “the right one.” Stall points in U.S.-Iran negotiations: The two countries remain divided over Iran’s nuclear program and uranium stockpile, the U.S. blockade, the release of $20 billion in Iranian assets, and Iran’s $270 billion war reparations demand. Geopolitical ramifications: Amid energy shocks and the UAE’s plans to leave the group, OPEC is reportedly in ‘crisis mode’. President Trump is also considering reducing the number of US troops stationed in Germany due to tensions with Berlin.
on the bay
Iran condemns Bahraini citizenship revocation: Tehran says Manama has violated the rights of 69 people stripped of their citizenship on suspicion of supporting attacks on Iran. Bahrain’s interior ministry accused them of “colluding with foreign entities” and Iran’s foreign ministry denounced the move as “discriminatory” and an attempt to deflect support for the US-Israeli action.
in the US
Cost of war so far: ‘$25 billion’: US Secretary of Defense Pete Hegseth, asked during a heated exchange in Congress about the cost of the 60-day conflict, said the cost so far was estimated at less than $25 billion. Prolonged blockade: According to the Wall Street Journal, President Trump has directed national security officials to prepare for a long-term blockade of Iranian ports to force Iran to abandon its nuclear program. “No more Mr. Nice Guy!” “Iran can’t get its act together. They don’t know how to sign a non-nuclear deal. Better get smart fast!” Trump posted on his Truth Social platform, along with an illustration of himself holding an assault rifle, with the caption: “No more Mr. Nice Guy!” The economic toll of the blockade: The US government announced it had seized nearly $500 million in Iranian crypto assets under “Operation Economic Outrage” to increase pressure. Meanwhile, US Democrats have criticized the $25 billion war cost, citing soaring fuel and food prices for Americans.
in Lebanon and Gaza
Lebanon Ceasefire: Lebanese President Joseph Aoun has called on Israel to fully implement a ceasefire before starting direct talks after Israeli attacks over the past two days have left more than 20 people dead. Gaza’s crisis deepens: Israeli forces intercept a civilian aid convoy bound for Gaza in what a spokesperson described as a possible “kidnapping on the high seas,” but Palestinians continue to be killed in the Gaza Strip despite a fragile “ceasefire.”
world economy
Oil prices soar: Global oil prices soared on reports of a possible extension of the lockdown, with Brent crude above $119 per barrel, the highest since 2022, and US benchmark WTI above $105. Record profits: French fossil fuel giant Total Energies said its first-quarter net profit rose 51% to $5.8 billion due to higher oil prices due to the Iran war. Asia hit hard by rising oil prices: Asia-Pacific, heavily dependent on Middle Eastern oil, is feeling the strain as Brent crude prices approach $120 a barrel. The Asian Development Bank lowered its growth forecast and raised its inflation forecast as soaring fuel and food prices hit millions.
