{"id":143918,"date":"2026-06-03T16:33:08","date_gmt":"2026-06-03T16:33:08","guid":{"rendered":"https:\/\/www.europesays.com\/iran\/143918\/"},"modified":"2026-06-03T16:33:08","modified_gmt":"2026-06-03T16:33:08","slug":"oil-powder-keg-trump-says-hormuz-blockade-may-last-all-summer","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/iran\/143918\/","title":{"rendered":"Oil ‘powder keg’: Trump says Hormuz blockade may last all summer"},"content":{"rendered":"

US President\u00a0Donald Trump<\/a>\u00a0on Wednesday tried to project optimism about reaching a deal to end the illegal war he started against Iran, even while acknowledging the crisis could last for several more months.<\/p>\n

In an interview with The New York Post, Trump was asked whether the current blockade of Iran would last until Labor Day, which falls on September 7 this year.<\/p>\n

\u201cI don\u2019t know,\u201d Trump said. \u201cI mean, I think it could be, but I think it\u2019s unlikely.\u201d He added, \u201cI think this will resolve itself fairly quickly.\u201d<\/p>\n

The president for the last several months has managed to keep\u00a0oil<\/a>\u00a0prices from spiking to disastrous levels by dropping hints that his illegal war will soon be over, even though it has continued with no end in sight.<\/p>\n

And while the\u00a0Trump administration<\/a>\u00a0has insisted that its ceasefire deal is still in effect, CNN\u00a0reported<\/a>\u00a0on Wednesday that Iran launched attacks against\u00a0US military<\/a>\u00a0bases in Kuwait and\u00a0Bahrain<\/a>\u00a0after US forces fired a Hellfire missile at a Botswana-flagged oil tanker that was heading toward an Iranian port.<\/p>\n

Iran also launched drone and missile strikes at Kuwait\u2019s international airport, killing one person and leaving dozens injured,\u00a0according<\/a>\u00a0to Al Jazeera.<\/p>\n

Oil industry expert Patrick De Haan on Tuesday warned that the price of oil will soon shoot back up if the Strait of Hormuz remains closed because US petroleum supplies, which have been drained at a rapid pace since the start of the war, are about to hit their lowest level in over two decades.<\/p>\n

\u201cUS distillate inventories will likely fall under 100 million barrels for the first time in over 20 years, exacerbated by high exports due to the closure of the Strait of Hormuz,\u201d De Hann\u00a0wrote<\/a>\u00a0in a\u00a0social media<\/a>\u00a0post. \u201cThis is a powder keg waiting to go off if a deal to reopen the strait doesn\u2019t happen soon.\u201d<\/p>\n

In an\u00a0analysis<\/a>\u00a0published Wednesday, The American Prospect\u2019s Ryan Cooper similarly\u00a0warned<\/a>\u00a0that the tricks used by nations around the world to keep a lid on oil prices, such as releasing petroleum reserves, would soon be ineffective thanks to hard supply constraints.<\/p>\n

\u201cAs storages dwindle and run out, the only way to match demand to supply will be for the price to rise high enough to destroy something like 10 to 20% of global oil consumption,\u201d Cooper wrote. \u201cAnd because a great deal of oil demand is obligatory and therefore not very price-sensitive, that price will likely be north of $150 per barrel.\u201d<\/p>\n

This would lead to not just an explosion in gasoline and diesel fuel prices, Cooper continued, but a \u201ccorresponding price hike for anything that needs to be transported, or involved in plastic in some way, which is to say basically everything.\u201d<\/p>\n

-Common Dreams<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"US President\u00a0Donald Trump\u00a0on Wednesday tried to project optimism about reaching a deal to end the illegal war he…\n","protected":false},"author":2,"featured_media":143919,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_share_on_mastodon":"0"},"categories":[28],"tags":[7603,46998,38,102,5849,246,2480,101],"class_list":["post-143918","post","type-post","status-publish","format-standard","has-post-thumbnail","category-strait-of-hormuz","tag-block-2","tag-common-dreams","tag-donald-trump","tag-hormuz","tag-hormuz-strait-blockade","tag-iran-war-2026","tag-oil-supply","tag-strait-of-hormuz"],"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@iran\/116687143059374425","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/iran\/wp-json\/wp\/v2\/posts\/143918","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/iran\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/iran\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/iran\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/iran\/wp-json\/wp\/v2\/comments?post=143918"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/iran\/wp-json\/wp\/v2\/posts\/143918\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/iran\/wp-json\/wp\/v2\/media\/143919"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/iran\/wp-json\/wp\/v2\/media?parent=143918"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/iran\/wp-json\/wp\/v2\/categories?post=143918"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/iran\/wp-json\/wp\/v2\/tags?post=143918"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}