The conflict between the United States and Iran has officially entered its 60th day, with President Donald Trump reportedly preparing for a prolonged maritime blockade of the Strait of Hormuz. While physical fighting has subsided, disruptions to the key shipping lane continue to fuel global economic uncertainty and spike energy prices.
The Trump administration is now launching a “maximum pressure campaign” aimed at crippling Iran’s economy through losses of an estimated $170 million a day in oil revenue. However, Tehran has insisted it will not resume nuclear talks until the blockade of the strait is lifted, and has instead moved to strengthen its strategic ties with Russia.
Market data shows the immediate impact of the crisis, with Brent and WTI crude oil prices remaining stable above $100 a barrel. In the United States, the average price of gasoline has hit a 2026 record high of $4.20 a gallon, raising concerns about rising prices for other essential goods including food in the near future.
A positive development was reported this week when a Japanese tanker carrying 2 million barrels of oil successfully passed through the Strait of Hormuz for the first time since February. While Japanese Prime Minister Sanae Takaichi welcomed the news, energy analysts warned that a full restoration of shipping traffic is still a long way off.
From a legal perspective, the US Congress now has the authority under the 1973 War Powers Resolution to intervene in the conflict. However, analysts predict that the Trump administration will face little legislative resistance given the strong support of its political allies in the House of Representatives.
