President Donald Trump has rejected Iran's proposal to reopen the Strait of Hormuz and confirmed that Washington will keep its naval blockade in place until Tehran agrees to a nuclear deal, as reported by Anadolu Ajansi. According to administration officials speaking anonymously, Trump discussed with oil executives 'steps we could take to continue the current blockade for months if needed and minimise impact on American consumers'. Trump told Axios that 'The blockade is somewhat more effective than the bombing. They are choking like a stuffed pig.' The President warned that 'The pressure is going to be worse' for Iran, claiming that Iran's inability to export oil has left its infrastructure 'close to exploding'. Trump also revealed that Washington knows where Iran has moved new military equipment during the ongoing ceasefire and warned that it would be destroyed quickly if hostilities resume, stating 'They may have brought in some light stuff during the ceasefire, and we know exactly where it is, so it will be knocked out within the first 15 minutes.'
India's petrol and diesel prices have remained unchanged on April 30, even as global crude markets continue to swing sharply amid geopolitical tensions. According to reports from ABP Live Business, at a time when international oil benchmarks are reacting to developments in West Asia, domestic fuel prices have shown surprising stability, offering short-term relief to consumers but raising questions about how long this calm can last. The latest developments show Brent crude soaring above $120 per barrel, its highest level since June 2022, following reports that the US is preparing for an 'extended' blockade of Iran. In the national capital, petrol is priced at ₹94.72 per litre, while diesel is at ₹87.62 per litre. As reported by ABP Live Business, across other major cities, prices remain largely steady with Mumbai showing petrol at ₹104.21 and diesel at ₹92.15, Kolkata at ₹103.94 and ₹90.76 respectively, Chennai at ₹100.75 and ₹92.34, and Bengaluru at ₹102.92 and ₹89.02.
Oil markets were rattled by the shock decision of the United Arab Emirates to exit OPEC and OPEC+, adding uncertainty to the producer group's coordination at a time of extreme volatility, as reported by BERNAMA. The UAE's departure from the organization adds another layer of complexity to global oil supply management during the ongoing Iran conflict. Meanwhile, US inventory data showed sharp declines in crude and fuel stockpiles, while crude exports surged to a record above 6 million barrels per day, underscoring tightening global supply conditions and contributing to the bullish sentiment in oil markets.
The Federal Reserve maintained US interest rates unchanged at 3.5-3.75% after two days of discussions on the economy, as the central bank concluded that risks of inflation from high oil prices sustained by the Iran war were greater than any benefit from rate reductions. The Fed's decision reflects growing concerns about the economic impact of the prolonged conflict, with the central bank citing 'risks of inflation -- particularly from high oil prices sustained by the Iran war' as a key factor in their decision. The US Dollar Index climbed 0.294 points to 98.77 against a basket of foreign currencies, adding to the upward pressure on oil prices. The oil rally gained new vigor on reports that President Trump was considering authorizing fresh strikes on Iran if it refuses to make concessions to end the conflict.
The UN Development Programme has warned that the war, which has sent the price of energy and fertiliser soaring, could plunge more than 30 million people into poverty in 160 countries. 'It's development in reverse,' UNDP chief Alexander De Croo told AFP. Iran has blockaded the strait – a vital conduit for oil and gas shipments from the Gulf – since the US and Israel launched the war two months ago, sending shockwaves through the global economy. The US blockade on Iranian ports and Tehran's obstruction of the Hormuz, combined, have brought the Middle East oil trade to a virtual standstill, freezing some 20 million bpd of petroleum liquids or a fifth of world supply. The World Bank forecasts energy prices would surge by 24% in 2026 to their highest level since Russia's full-scale invasion of Ukraine, if the most acute disruptions caused by the Iran war end in May.
