"Their economy is collapsing, the blockade is having an incredible effect," President Donald Trump told reporters at the White House on 30/4. "Their economy is a disaster, so let's see how long they can last."

Oil prices stabilized after a sharp rise earlier in the day, with little indication that Washington and Tehran are nearing an agreement.

President Donald Trump in the Oval Office, White House, 30/4. *Photo: AP*

Brent crude futures initially climbed to 126 USD a barrel, the highest since the conflict began, before closing near 114 USD. Oil prices have risen more than 8% over the past week.

Traders are concerned about the potential for renewed US-Iran military activity and a prolonged closure of the Strait of Hormuz. This vital waterway for global oil and gas flows has been blockaded since the US-Israel launched an offensive against Iran on 28/2.

Gasoline prices are also rising sharply across many parts of the My, with retail prices in California exceeding 6 USD per gallon (approximately 1,59 USD per liter). This is becoming a growing concern for Republicans ahead of the midterm elections in November.

"Gasoline prices will come down," Mr. Trump said. "As soon as the conflict ends, prices will plummet."

Iran's Supreme Leader Mojtaba Khamenei issued a statement on 30/4, asserting that the My had suffered a "shameful" defeat and rejecting President Trump's warning that the US naval blockade, aimed at economically sanctioning the country, could last for months.

He predicted a bright future for the Gulf without the My, stating that any country interfering in the region from the outside would "have no place here, except at the bottom of the sea."

Earlier, he also expressed skepticism about the possibility of reaching an agreement with the My in a rare statement affirming that the country would not abandon its nuclear or missile programs. He signaled that Iran would maintain control over the Strait of Hormuz.

Location of the Strait of Hormuz. *Graphic: Guardian*

Iranian President Masoud Pezeshkian also issued a statement, arguing that all efforts to impose blockades or maritime restrictions are contrary to international law and "will certainly fail." He warned that such blockade measures do not improve regional security; instead, they are "a source of tension and disrupt long-term stability in the Persian Gulf."

Iran stated it would not reopen the Strait of Hormuz to commercial vessels unless the My lifts its blockade on Iranian seaports. It remains unclear how long Iran can last before running out of oil storage capacity and being forced to cut production.

Signs of strain on the Iranian economy have appeared in recent days, with the national currency losing record value. The Iranian rial began to slide earlier in the week and fell to a new low on 29/4, with 1,8 million rials exchanging for mot USD.

Vu Hoang (According to Reuters, AFP, AP)