Oil prices surge as Trump warns Iran blockade could last 'months if needed'

This live blog follows updates for Day 62 of the US-Israel war on Iran. For a recap of Day 61, go here.

• The United States considers extending its naval blockade of Iran for months
• Iran says blockade pressure fails and oil storage capacity remains sufficient
• Oil prices rise sharply amid fears of prolonged Hormuz disruption
• Diplomatic contacts continue as leaders discuss ceasefire and regional developments
• Officials warn military escalation risks severe consequences for the wider international community.

Oil prices surge as Trump warns Iran blockade could last 'months if needed'

Published: April 30, 2026 | 00:05 GMT | by Web Desk

President Donald Trump says a US naval blockade against Iran could last months, leading oil prices to spike to their highest in more than four years.

Brent crude oil futures jumped 8% to $120 per barrel, hitting their highest level since June 2022 as markets priced in dim prospects for a near-term resolution to the Iran conflict or the reopening of the Strait of Hormuz.

Meeting oil executives, Trump contended the blockade of Iranian ports — which Tehran has demanded must end before any deal — was more effective than bombing.

Trump, at the meeting that took place on Tuesday, discussed his efforts “to alleviate global oil markets and steps we could take to continue the current blockade for months if needed and minimize impact on American consumers,” a White House official said on condition of anonymity.

With diplomacy between Iran and the United States at a standstill after false starts, Trump spoke by phone with Russian President Vladimir Putin, who warned him of “damaging consequences” if the United States and Israel resume their war on Iran.

Iran parliament speaker says no oil wells ‘exploded’ under US blockade

Published: April 29, 2026 | 23:26 GMT | by Web Desk

Mohammad Bagher Ghalibaf says that US measures to halt Iran’s sale of oil have yet to see its storage tanks reach capacity and have simply resulted in oil prices going up.

“Three days in, no well exploded,” Ghalibaf said in a post on X. “We could extend to 30 and livestream the well here.”

The speaker for Iran’s parliament added that members of the US administration, including Treasury Secretary Scott Bessent, who claimed the blockade would put pressure on Iran, are acting on “junk advice”.

“[They] push the blockade theory and cranked oil up to $120+. Next stop: 140. The issue isn’t the theory, it’s the mindset.”

Gaza-bound aid ship blocked by Israeli military speedboats

Published: April 29, 2026 | 21:14 GMT | by Web Desk

Organisers of a humanitarian aid ship sailing towards Gaza with the aim of breaking Israel’s blockade say their vessel has been approached by apparent Israeli speedboats.

“Our boats were approached by military speedboats, self-identified as ‘Israel’, pointing lasers and semi-automatic assault weapons, ordering participants to the front of the boats and to get on their hands and knees,” said the Global Sumud Flotilla aid mission.

“Boat communications are being jammed, and a SOS was issued.”

Putin warned US against new military action in Iran in Trump call: Kremlin

Published: April 29, 2026 | 19:56 GMT | by AFP

Russian President Vladimir Putin warned his US counterpart against "damaging consequences" of a new military action in Iran, Kremlin aide told reporters Wednesday after the two leaders spoke by phone.

Putin "highlighted the inevitable and extremely damaging consequences not only for Iran and its neighbours, but also for the entire international community, should the US and Israel resort to military action once again," said Kremlin aide Yuri Ushakov.

Iran’s Araghchi speaks with Lebanese parliament speaker

Published: April 29, 2026 | 20:26 GMT | by Web Desk

Iran’s Foreign Minister Abbas Araghchi says he spoke by phone with Lebanon’s Parliament Speaker Nabih Berry, Al Jazeera reported.

In a post on his official Telegram account, Araghchi said the two officials “discussed and exchanged views on the latest regional developments”.

As we reported, Araghchi also spoke by phone earlier with India’s Foreign Minister Subrahmanyam Jaishankar, discussing Iran’s ceasefire with the US and other regional and international developments.