Back to today’s briefing

Story perspectives

Trump Praises Blockade, Oil Tops $122; Iran Threatens Hormuz

5/1/2026

39 7

Summary

Story summary

President Donald Trump praised blockade as “genius” while oil rose above $122 a barrel.
Iran said it would reopen the Strait of Hormuz if the United States lifts the blockade, postponing nuclear talks, while U.S. planners prepared a bombing campaign.
Brent crude hit its highest level since 2022, prompting economists to warn oil could reach $190 a barrel, spark a recession, and draw congressional criticism of war’s cost and strategy.

History

Historical Context

In October 1973 OAPEC, led by Saudi Arabia, imposed production cuts and an oil embargo on the United States and other Israel supporters, pushing crude from about $3 to $12 per barrel. The shock prompted gasoline rationing under President Richard Nixon and the creation of the International Energy Agency. Donald Trump’s call for a Strait of Hormuz blockade now mirrors that 1973 supply-shock dynamic.

1 of 2

Story summary

President Donald Trump praised blockade as “genius” while oil rose above $122 a barrel.
Iran said it would reopen the Strait of Hormuz if the United States lifts the blockade, postponing nuclear talks, while U.S. planners prepared a bombing campaign.
Brent crude hit its highest level since 2022, prompting economists to warn oil could reach $190 a barrel, spark a recession, and draw congressional criticism of war’s cost and strategy.

1 / 2