Trump Weighs Renewed Iran Strikes as Hormuz Closure Keeps 10-12 Million Barrels a Day Offline
Updated
Updated · CNN · May 12
Trump Weighs Renewed Iran Strikes as Hormuz Closure Keeps 10-12 Million Barrels a Day Offline
10 articles · Updated · CNN · May 12
Trump’s aides said he is now more seriously considering major combat operations in Iran after rejecting Tehran’s latest counterproposal and declaring the ceasefire on “life support.”
Nuclear terms remain the main sticking point: Trump said Iran’s offer failed to address enriched uranium removal, while Tehran called its proposal reasonable and said it is prepared for every option.
No major decision is expected before Trump leaves for China, where Iran will be a key issue with Xi Jinping as Washington debates between targeted strikes and giving diplomacy more time.
53.3 million barrels from the US Strategic Petroleum Reserve were released to energy firms as Iran’s closure of the Strait of Hormuz keeps 10-12 million barrels a day off the market and crude up about 45%.
Saudi Aramco warned oil markets will not normalize this year without a quick reopening, underscoring how the diplomatic deadlock is feeding a broader energy and inflation shock.
Can China's oil interests broker a US-Iran deal as President Trump arrives in Beijing for a summit?
With military action on the table, what is the fate of 20,000 seafarers trapped by the Hormuz closure?
Strait of Hormuz Shutdown 2026: US-Iran War Triggers Energy and Supply Chain Turmoil
Overview
As of May 12, 2026, the ongoing US-Iran conflict has led to the closure or severe restriction of the Strait of Hormuz, a key route for global oil shipments. This disruption is putting significant pressure on global markets by hindering refinery exports and causing energy supply challenges. The Executive Director of the IEA has called for the reopening of the strait, while Europe is considering measures like reducing air travel to cope with the crisis. The situation highlights how the conflict directly impacts energy supplies and triggers immediate economic and logistical responses worldwide.