Day 62 of Iran-US Conflict: Trump Calls on Tehran to 'Surrender,' Crude Oil Surpasses $120 a Barrel
Elizabeth Melimopoulos
President Donald Trump declares the U.S. blockade of Iran's ports a success and calls on Tehran to 'surrender,' while global crude oil prices top $120 per barrel, driving U.S. gasoline to a four-year high. Iran's parliament speaker dismisses the blockade's impact, and OPEC enters crisis mode amid the energy shock.
President Donald Trump asserted that the U.S.-led campaign to blockade Iran's ports has achieved its goals and called on Tehran to 'surrender' amid escalating tensions in the Strait of Hormuz.
On Iran's side, Parliament Speaker Mohammad Bagher Ghalibaf dismissed the blockade's impact, stating that no oil wells have 'exploded' and arguing that such measures only push global oil prices higher. Iran's military forces said their restraint so far has been 'deliberate, to give a chance to diplomacy.'
Developments in Iran
Speaker rejects blockade impact: Mr. Ghalibaf said no oil wells have exploded under the blockade and criticized U.S. officials, including Treasury Secretary Scott Bessent, for acting on 'garbage advice.'
Risk of forced production halt: The U.S. contends that cutting off exports will push Iran's storage capacity to its limit, forcing a halt in output. However, analysts say remaining storage can only accommodate about 20 days of production. Kpler crude oil expert Muyu Xu noted that any reduction would be gradual, possibly accelerating in May.
Incident in Canada: Top Iranian soccer officials left Canada, a co-host of the World Cup, ahead of the FIFA Congress due to 'inappropriate conduct' by an immigration officer at Toronto's airport.
War Diplomacy
Putin-Trump phone call: Russian President Vladimir Putin warned his U.S. counterpart not to resume attacks on Iran. Putin described Trump's decision to extend the ceasefire as 'correct.'
Disagreements in U.S.-Iran talks: The two sides remain divided over Iran's nuclear program and uranium stockpile, the blockade, the release of $20 billion in Iranian assets, and Tehran's demand for $270 billion in war reparations.
Geopolitical ripple effects: OPEC is in 'crisis mode' because of the energy shock and the UAE's plans to leave the group. Trump is also considering reducing U.S. troops in Germany amid tensions with Berlin.
In the Gulf
Iran condemned Bahrain's decision to strip 69 people of their citizenship over alleged support for Iranian attacks. Tehran called the move 'discriminatory' and an attempt to divert attention from support for U.S.-Israeli actions.
In the United States
War cost of $25 billion: Defense Secretary Pete Hegseth estimated the cost of 60 days of conflict at under $25 billion.
Long-term blockade: Trump ordered security officials to prepare for a prolonged blockade of Iranian ports to force Tehran to abandon its nuclear program.
'No More Kindness' campaign: 'Iran cannot handle their own business. They do not know how to sign a non-nuclear deal. They better get smart fast!' – Trump posted on Truth Social with an accompanying image.
Digital asset seizure: The U.S. announced it had seized nearly $500 million in Iranian cryptocurrency assets as part of 'Operation Economic Fury.'
In Lebanon and Gaza
Lebanese President Joseph Aoun called on Israel to fully implement the ceasefire before starting direct talks. In Gaza, Israeli forces blocked a civilian aid convoy, while Palestinians continued to be killed despite a fragile ceasefire.
Global Economy
Brent crude oil prices surpassed $119 per barrel—the highest since 2022—with WTI above $105. France's TotalEnergies reported a 51% rise in net profit in the first quarter to $5.8 billion, driven by higher oil prices. The Asia-Pacific region has been hit hard, with the Asian Development Bank cutting growth forecasts and raising inflation projections.
