The US and Iran showed little progress toward resuming peace talks, with Trump
saying the naval blockade is “choking” Iran’s oil exports and working
effectively. US military commanders are expected to brief Trump on new Iran
strike options, including limited operations aimed at breaking the deadlock.
Brent crude surged as much as 7.1% to above $126 a barrel before easing, driven
by fears over the Strait of Hormuz and the fragile ceasefire since early April.
Analysts said escalation within two weeks is increasingly likely. Iran has
refused to reopen the strait while sanctions remain, while its economy shows
mounting pressure and currency weakness.