dailynewsnblog
The war in Iran has reached the 60-day mark, with President Trump apparently willing to live with an extended Strait of Hormuz blockade and little sense that Congress will meaningfully push back.
It all points to a conflict with no clear end in sight.
The war has entered a phase in which fighting is largely (but not entirely) halted, while shipping in the Strait of Hormuz is also largely blocked (though some ships are getting through). That has left shippers in deep uncertainty, with energy markets feeling the pressure this week, including a new high in gasoline prices in the US.
From the White House — despite regular threatening posts from the president — a wider array of signals suggests the administration is preparing for a lengthy staring contest.
On Wednesday, the Wall Street Journal reported that Trump is telling aides to prepare for an extended US naval blockade of the strait after the president also fit in a meeting with oil executives on Tuesday during the visit from King Charles.
Read more: What an extended war with Iran could mean for gas prices
Meanwhile, Treasury Secretary Scott Bessent on Wednesday morning further laid out what the administration is terming a “maximum pressure campaign,” claiming that Iran is facing approximately $170 million per day in lost revenue and will be forced to capitulate.
But the pressure campaign hasn’t moved the Iranians from their position that nuclear talks should be shelved until after the Strait of Hormuz is reopened.
Iran’s foreign minister traveled to Moscow this week to meet with Vladimir Putin and tout “the depth and strength of our strategic partnership.”
Read more: How oil price shocks ripple through your wallet, from gas to groceries
One positive strait development
This week, a Japanese vessel reportedly carrying 2 million barrels of oil, which had been stuck behind the Strait of Hormuz since February, was able to transit.
Japan’s Prime Minister Sanae Takaichi confirmed the passage and called it “a positive development” while noting that other Japanese vessels remain stuck in the Persian Gulf.
Kpler energy analyst Yui Torikata called the ship’s crossing “a very symbolic event,” but also noted that the normalization of traffic through the strait remains far off.
Overall, oil futures, including those for Brent crude (BZ=F) and West Texas Intermediate (WTI) crude (CL=F), remained above $100 per barrel.
Prices at the pump took another leg up this week, with gas now averaging above $4.20 per gallon, according to AAA, the highest in 2026.
