Putin warns of consequences, global markets react as tensions escalate and diplomacy remains stalled.
US President Donald Trump has indicated that a naval blockade against Iran could remain in place for months, triggering a surge in global oil prices to their highest levels in more than four years.
The development comes as Trump prepares to receive a briefing from Admiral Brad Cooper, head of United States Central Command, on possible military options involving Iran.
Trump also spoke with Russian President Vladimir Putin, who reportedly warned of “damaging consequences” if the United States and Israel resume military operations against Tehran.
According to CENTCOM, the blockade has prevented millions of barrels of Iranian oil from reaching global markets, contributing to a sharp rise in crude prices. Brent crude climbed above $126 per barrel, while West Texas Intermediate rose above $110 before easing.
Iran has proposed easing its control over the Strait of Hormuz in exchange for lifting the blockade and resuming broader negotiations, but Washington remains unconvinced.
Meanwhile, the United Nations Development Programme has warned that the conflict could push more than 30 million people into poverty globally as rising energy and fertilizer costs continue to impact economies worldwide.