“We are just watching Iran with its huge inflation and the fact they have no money,” Trump told Axios. The US has maintained a naval blockade affecting the Strait of Hormuz since at least April 2026, a move that has deepened an already severe economic crisis inside Iran. The damages to Iran’s economy from ongoing hostilities and US sanctions are estimated between $150 billion and $200 billion. Oil markets and the global ripple effectsDespite a US naval blockade in one of the world’s most critical energy corridors, crude prices have stabilized at just over $75 per barrel. What began as a more direct confrontation has apparently evolved into the economic siege Trump now describes.