The Trump administration insists that its naval blockade is putting the squeeze on Iran and that the regime is just a “matter of days” away from an energy crisis unless it capitulates.
Energy experts are skeptical and say the White House is misreading both the timing of the harm to the Iranian oil industry as well as the regime’s tolerance for pain.
The standoff comes as benchmark oil prices hit a four-year high Thursday while the average price at the pump jumped to $4.30 a gallon, up 27 cents in the last week. Democrats, eager to press their advantage, are exploiting public anger at rising costs while a top Republican super PAC warned Thursday that the Senate majority was at risk because of voters’ cost-of-living concerns.
Still, the White House officials insist that the U.S. naval blockade of the Strait of Hormuz — through which roughly 20 percent of the world’s global oil and natural gas supplies are shipped — is crippling Iran and will soon leave the regime little choice but to meet President Donald Trump’s demands.
