Oil Prices Surge to Four-Year High as US Seeks International Coalition for Hormuz Crisis
International crude oil prices surged to their highest level in over four years on April 30, after President Trump warned that the naval blockade against Iran could last for months, intensifying concerns about global energy supply disruptions.
Oil Prices Climb Sharply
Speaking at the White House, Trump said the United States was seriously considering extending the blockade measures against Iran and revealed that US Central Command had prepared plans for a wave of “short and powerful” military strikes. Following these remarks, Brent crude prices rapidly climbed, briefly breaking above $108 per barrel during intraday trading — the highest level since October 2022.
Analysts pointed out that the Strait of Hormuz, through which approximately one-fifth of the world’s oil supply passes, is critical to global energy market stability. Since the escalation of tensions with Iran, international oil prices have cumulatively risen by more than 30%.
US Seeks International Support
Meanwhile, Reuters reported that the US government is actively seeking international assistance to reopen the Strait of Hormuz. White House officials said they are building a multinational coalition to ensure freedom of navigation in the strait, with Lithuania’s president already publicly expressing willingness to join the alliance.
“This is a challenge that requires a collective international response,” said a senior US official who asked not to be named. “We are in urgent consultations with our allies and partners.”
Market Reaction
Driven by surging oil prices, global equity markets showed mixed performance. Asian markets opened with mixed gains and losses, with energy stocks leading advances while airline and transportation sectors faced pressure. US stock index futures edged higher, though investors remained cautious ahead of the upcoming Q1 GDP data release.
Gold prices also climbed, approaching $4,649 per ounce, reflecting safe-haven demand amid rising geopolitical risks. Bitcoin traded around $76,000.
Iran’s Response
Iran’s Supreme Leader Khamenei previously issued a hardline statement declaring that “Americans have no place in the Persian Gulf,” and said that a “new phase” is taking shape in the Strait of Hormuz and the Gulf region. This statement was interpreted as a signal that Iran refuses to make concessions on strait navigation issues.
Analysts warned that if tensions in the Strait of Hormuz continue to escalate, global energy markets could face even more severe impacts — particularly as the summer driving season approaches, rising fuel prices will have a direct effect on ordinary consumers.