Overview
- Oil prices jumped Wednesday after President Trump warned the naval blockade on Iranian ports could last months, with Brent briefly near $126 and U.S. crude above $110 before easing Thursday.
- The White House met Tuesday with Chevron and major trading firms to plan how to sustain the blockade and blunt costs for consumers, according to officials and company confirmations.
- U.S. Central Command said it has redirected the 42nd commercial vessel and tallied 41 tankers holding 69 million barrels that Iran cannot sell, marking a stepped-up enforcement push.
- Diplomacy remains stalled after Tehran’s latest proposal to reopen the Strait of Hormuz, and Trump says any relief depends on verifiable limits that prevent Iran from obtaining nuclear weapons.
- The Federal Reserve kept interest rates unchanged and cited war-driven uncertainty as households face higher gas and airfare costs, with the strait carrying about one-fifth of global oil shipments.