The US-Israeli war against Iran entered a critical phase Wednesday. Meanwhile, Iranian officials flatly rejected President Donald Trump’s claims that Tehran was open to ceasefire negotiations. At the same time, the Strait of Hormuz, the world’s most strategically vital oil chokepoint, remained firmly under Iranian control. As a result, energy markets experienced fresh turmoil, while analysts warned that the situation could worsen if hostilities escalated further
The conflicting signals come as Trump addressed the American public Wednesday night, saying US military objectives in Iran were “nearing completion” and that the war would end “in two to three weeks.” He did not offer a detailed timeline and acknowledged rising public anxiety about fuel prices, insisting gas costs would “rapidly come back down” once operations conclude. Skepticism greeted the claim as global oil prices surged following Iran’s statement.
The closure of the Strait of Hormuz, through which roughly 20% of the world’s oil supply normally flows, has disrupted energy supply chains across Asia, Europe, and Africa. Governments from Ghana to Japan have raised fuel prices, sought alternative suppliers, and implemented emergency relief measures
Trump told reporters that the responsibility for keeping the Strait open belongs to nations that rely on it, brushing aside European and Asian calls for American leadership in securing the waterway. “That’s not for us,” he said.
International pressure is mounting. British Prime Minister Keir Starmer convened a virtual summit of 35 nations Thursday to coordinate a response to the Hormuz crisis. The gathering comes after Trump mocked Britain’s naval capabilities and accused Starmer of prioritizing “costly windmills” over real security commitments.
The Iranian government’s flat contradiction of Trump’s peace narrative leaves the conflict with no visible diplomatic off-ramp. Senior US officials continue to project confidence, while independent analysts warn that the combination of a closed Strait, rising oil prices, and eroding allied support creates compounding risks for global economic stability that could outlast the conflict itself.
Energy strategists now say that even a short war scenario could, therefore, inflict lasting damage on international trade routes and, moreover, harm emerging market economies that were already straining under elevated debt loads before the conflict began.
