Oil Prices Soar as Iran Standoff Shows No End in Sight

Oil prices pushed higher on Thursday, hitting a new wartime high, as President Trump continued to assert that the naval blockade of Iran’s ports will persist until Tehran gives up its nuclear program.

Mr. Trump’s remarks to Axios suggested that the standoff over the Strait of Hormuz, the vital trading route for oil and natural gas supplies, was not nearing any resolution.

The comments provided additional momentum for oil prices, which were already reflecting growing pessimism for an imminent peace deal. Over the last two weeks, the price of Brent crude, the global benchmark for oil, has risen about 30 percent.