Oil Prices Reach $120 per Barrel; Trump Rejects Iran's Hormuz Proposal, Reviews Germany Troops

The UN nuclear chief confirmed that Russia taking highly enriched uranium from Iran is "under discussion," as reported by The Hill. Putin urged the U.S. to maintain the ceasefire and allow negotiations, warning of "extremely dire consequences for America" if fighting resumes, according to GB News.

The Kremlin has not issued a public statement on the call as of April 29, 2026.

Trump said, "All Iran has to do is cry uncle and say we give up," according to a post from @disclosetv. He stated that Iran has roughly 20% of its missile production facilities remaining, and the rest could be destroyed quickly without a deal, as posted by @Osinttechnical.

The U.S. naval blockade of the Strait of Hormuz could last months, Trump said, according to AFP, contributing to the oil price spike. Plans for a prolonged blockade were directed by Trump to advisers, as reported by unnamed sources in the Wall Street Journal, though the Journal did not name the sources.

Unattributed sources told GB News that the Pentagon has drawn up plans to hit Iran's key infrastructure and that Trump is planning new strikes to address the Hormuz impasse. No publicly released Pentagon statement has confirmed these plans as of April 29, 2026.

Scott Bessent, a Trump adviser, stated that Kharg Island, Iran's primary oil export terminal, is nearing storage capacity, which will force reduced oil production and result in an additional $170 million per day in lost revenue for Iran, according to a source via GB News.

Bessent added that the blockade is causing permanent damage to Iran's oil infrastructure. Crude oil prices hit a fresh high since the war began, according to The New York Times, with U.S. gas prices climbing further due to the conflict's effects. A lull in fighting has helped prevent even higher spikes, according to The Dispatch.

Trump described the United Arab Emirates' plan to exit OPEC as "great" and said it could help calm the volatile oil market, according to the Associated Press. The UAE will end its 59-year membership in OPEC on May 1, 2026, as announced in Wired and NPR.

Aid organizations called for a humanitarian corridor through the Strait of Hormuz on April 29, 2026, citing rocketing transportation costs and disruptions to food, fuel, and medicine deliveries for millions, according to The Guardian. Iran's government announced fuel rationing, and the rial fell to 1.8 million per dollar, as reported by ZeroHedge.

Trump criticized NATO allies for not sending navies to open the Strait of Hormuz. French television analyzed the extent of France's military involvement in the conflict, according to France 24_en. Senator Mike Rounds stated on CNBC that Iran had "full intent to create chaos in the Middle East and to hold all of their neighbors hostage," as posted by @SquawkCNBC.

The Iran conflict marks the first time in Trump's presidency, in either term, that he is responsible for a major economic downturn, according to a post from political analyst Ian Bremmer. Trump and Putin discussed Iran and Ukraine, with U.S. energy exports increasing, according to SCMPNews.

In unrelated news, two Jewish men were stabbed in Golders Green, London, on April 29, 2026, in an incident declared a terror act by police, according to the BBC and AP News. Police arrested a 45-year-old man on suspicion of attempted murder, as reported by AP News.

Journalist and broadcaster Dan Kleeman stated that the rise in antisemitism in recent years is "absurd" following the attack, according to Sky News.

The government of Sri Lanka lost more than $3 million in two recent cybersecurity incidents, including $2.5 million stolen from its finance ministry, according to TechCrunch.

The Trump administration held talks with leading energy industry figures, including Chevron representatives, on April 28, 2026, to discuss limiting impacts on American consumers from the blockade, according to Politico and GB News.