Oil hits one month high as Trump plumps for ‘extended blockade of Iran’; UK exports to Middle East tumble – business live

Oil prices surge to one-month high as Trump orders extended blockade of Iran, risking higher gas prices and political fallout. | Contesto: cronaca

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• Oil hits one month high as Trump plumps for ‘extended blockade of Iran’; UK exports to Middle East tumble – business live

Contesto

Oil prices surged to their highest level in a month on Tuesday, climbing above $113 a barrel after reports that President Donald Trump has instructed his aides to prepare for an extended blockade of Iran. Brent crude rose 1.8% in morning trading, reaching its highest point since March 31, a week before the US-Iran ceasefire was agreed. The increase reflects growing market anxiety over prolonged disruptions to oil supplies from the Middle East, particularly through the strategic Strait of Hormuz, which has seen the lowest number of transits since the conflict began. The decision to maintain the blockade comes after Trump assessed that his other options—resuming bombing campaigns or walking away from the conflict—carried greater risks, according to administration officials. However, continuing the blockade also prolongs a conflict that has already driven up gas prices, hurt Trump’s poll numbers, and further darkened Republican prospects in the upcoming midterm elections. The economic toll is becoming increasingly apparent, with UK exports to the Middle East tumbling as trade routes remain disrupted. The extended blockade is expected to keep oil prices elevated, adding to inflationary pressures that have already strained households and businesses globally. Analysts warn that the longer the blockade continues, the more likely it is to trigger a broader economic slowdown, particularly in Europe and Asia, which rely heavily on Middle Eastern oil. The situation has also renewed calls for the UK to deploy an EU-style ‘trade bazooka’ against Trump’s tariffs, as British exporters face mounting losses from the instability. The Strait of Hormuz, a critical chokepoint for global oil shipments, has seen traffic drop to its lowest levels since the war began, further tightening supply. This has compounded the effects of existing sanctions on Iran, which have already reduced the country’s oil exports significantly. The blockade, while aimed at curbing Iran’s influence, has inadvertently created a supply crunch that is benefiting other oil-producing nations but hurting consumers worldwide. The political stakes for Trump are high. The prolonged conflict and its economic...

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Categoria: cronaca