As the protracted US-Israeli military campaign against Iran shows no immediate sign of de-escalation, former US President Donald Trump rejected a landmark Iranian peace initiative on Wednesday that aimed to lift reciprocal blockades of the strategically critical Strait of Hormuz and postpone divisive nuclear negotiations to a future date.
Multiple independent US media outlets have confirmed that the White House is actively considering extending its naval blockade of Iranian ports and oil infrastructure for multiple months, a plan that was outlined directly to senior US oil industry executives during a closed-door meeting with Trump. The news of the extended blockade triggered immediate volatility in global energy markets, a key barometer of geopolitical risk in the Middle East. Brent Crude, the global benchmark for international oil trade, jumped 7.5% by mid-day Wednesday to settle at $107.49 per barrel.
On his social media platform Truth Social, Trump doubled down on his hardline stance toward Tehran, writing, “Iran can’t get their act together. They don’t know how to sign a nonnuclear deal. They better get smart soon!” The post was paired with a doctored image showing Trump carrying a rifle against a backdrop of explosions destroying a desert fortress, overlaid with the slogan: “No more Mr. Nice Guy!”
According to US media reports, Trump’s closed-door talks with oil executives centered on two core goals: maintaining pressure on Iran via the naval blockade, and mitigating the economic fallout of higher energy prices for American consumers. Since the start of hostilities, average US retail gasoline prices have climbed roughly 35%, a smaller increase than what consumers have seen in Europe and Asia, but still a significant burden for household budgets. On Wednesday, the American Automobile Association reported the current national average price for a gallon of regular gasoline stands at $4.23.
In an interview with Axios News published Wednesday, Trump framed the blockade as a more effective tactic than sustained aerial bombardment. “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,” he told reporters. The former president insisted the blockade will only be lifted once a comprehensive nuclear agreement is reached — a negotiation process he acknowledged could stretch on for months, if not years.
While Trump declined to confirm upcoming military action during the Axios interview, unnamed senior defense officials have disclosed that US Central Command is drafting contingency plans for a series of “short and powerful” targeted strikes against Iranian assets to break the current diplomatic deadlock. The planning follows a major disruption to diplomatic efforts last week, when Trump canceled a planned trip by his negotiation envoys to mediating Pakistan just after Iran’s foreign minister had already arrived in the country, leaving talks completely in limbo.
A three-week-old ceasefire between US and Iranian forces has largely held across the theater of operations up to this point, giving a much-needed reprieve to Tehran, which suffered heavy damage from weeks of coordinated US and Israeli airstrikes. At the same time, US regional allies in the Persian Gulf have faced thousands of retaliatory ballistic missile and drone strikes from Iranian-aligned forces. More than 3,000 Iranian civilians and combatants have been killed in the 40 days of bombardment that preceded the ceasefire.
After the initial ceasefire took hold, Trump replaced large-scale airstrikes with the naval blockade, a move he says responds to Iran’s seizure of partial control over the Strait of Hormuz, through which roughly 20% of the world’s daily oil shipments pass. Tehran has selectively allowed commercial vessels to transit the waterway amid the ongoing standoff. “They want to settle. They don’t want me to keep the blockade,” Trump told Axios. He added that the blockade has crippled Iran’s oil export sector, claiming that Iranian tankers and domestic oil infrastructure “are getting close to exploding” from backed-up crude supplies.
On Wednesday, Iran’s state-run Press TV released a statement from an unnamed senior security source pushing back on Trump’s hardline position. The source noted that Iran’s military has shown deliberate restraint in recent weeks “intended to give diplomacy a chance”. The ceasefire, the source explained, was designed to give Trump “an opportunity to pull the United States out of the current quagmire it finds itself in”, but warned that Washington will face “practical and unprecedented action” from Iran if it refuses to end its naval blockade.