The US begins a blockade of Iranian oil exports and closes the Strait of Hormuz, leading to another rise in oil prices

Nearly 20 hours of direct talks between the United States and Iran in Pakistan on Saturday failed to produce a deal. The American delegation said Iran was abandoning its main condition - the refusal to develop nuclear weapons - and Vice President Vance and a team of negotiators left for home.

After that, the US President announced on the Truth Social network that the US was beginning a blockade of the Strait of Hormuz.

“Starting now, the United States Navy, the best in the world, will begin the process of BLOCKING any vessels attempting to enter or exit the Strait of Hormuz,” he wrote, stressing that the US military would identify and detain vessels that paid Iran to pass through the strait.

"No one who pays illegal tolls will be granted safe passage on the high seas," Trump promised.

He believes that by mining the strait, Iran is engaging in blackmail, and the US will not allow itself to be blackmailed.

"The blockade will begin soon, and will be supported by other countries, and Iran will not benefit from its illegal actions," Trump said.

"Iran needs money and, more importantly, nuclear weapons, but the United States is fully 'ready to fight' and our military will finish off what's left of Iran!" the US president wrote.

He warned that the US Navy would begin destroying mines placed by Iran in the strait, and any Iranian who opens fire on us or peaceful vessels will be immediately destroyed!

By doing so, Trump will increase pressure on China, which receives cheap oil from Iran, to force Iran to sign an agreement with the United States.

May Brent crude futures have risen again by 7% to $102/barrel since the start of trading on Asian markets, but we hope that Iran will soon return to negotiations, especially when the US clears mines and begins to allow non-Iranian tankers to pass through.