Oil prices surged to wartime highs Thursday as President Trump doubled down on his naval blockade of Iran's ports, vowing the restriction would persist until Tehran abandons its nuclear program. The continued standoff over the Strait of Hormuz sent markets scrambling, with investors bracing for prolonged disruption in the vital shipping route that carries one-fifth of global oil supplies.

Brent crude jumped 4% to $123 a barrel, while West Texas Intermediate crude rose approximately 2% to around $109. The global benchmark has climbed nearly 30% over the past two weeks, reflecting growing pessimism about any imminent resolution. Asian markets reacted negatively, with Japan's Nikkei and Hong Kong's Hang Seng both declining about 1% as concerns mounted over regional energy security.

U.S. consumers felt the pinch at the pump as gasoline prices hit a fresh wartime high of $4.23 a gallon, representing a 42% increase since the conflict began. Diesel prices have climbed even more sharply, standing at $5.46 per gallon—a 46% surge that's disproportionately impacting transportation and logistics industries across the economy.

The Strait of Hormuz remains the chokepoint at the center of this crisis. With roughly 20% of global oil supplies passing through this narrow waterway between Iran and Oman, any prolonged disruption threatens to further destabilize markets and accelerate inflation pressures worldwide.