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War-Related Oil Squeeze a ‘Short-Term Pain,’ US Official Insists

A customer fuels up with regular gasoline priced at $5.29 at a Chevron gas station in Bellevue, Wash., Friday, March 13, 2026. (AP)
A customer fuels up with regular gasoline priced at $5.29 at a Chevron gas station in Bellevue, Wash., Friday, March 13, 2026. (AP)
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War-Related Oil Squeeze a ‘Short-Term Pain,’ US Official Insists

A customer fuels up with regular gasoline priced at $5.29 at a Chevron gas station in Bellevue, Wash., Friday, March 13, 2026. (AP)
A customer fuels up with regular gasoline priced at $5.29 at a Chevron gas station in Bellevue, Wash., Friday, March 13, 2026. (AP)

President Donald Trump's top energy official said Sunday that Americans will have to endure the "short-term pain" of higher prices at the pump as US forces conduct their war against Iran.

Now in the third week of a multi-dimensional Middle East conflict that has seen US and Israeli forces pound Iran's military targets, and Tehran responding with missile and drone attacks against several neighboring states, global energy prices have soared.

And concern has swelled that a lengthy blockage by Iran of the critical Strait of Hormuz could send crude prices through the roof.

"President Trump needed to act now... to stop the killing of American soldiers, to stop the destabilization of the region, and to end Iran's ability to threaten energy markets," US Energy Secretary Chris Wright told ABC News talk show "This Week."

He said economic conditions would grow dramatically worse without the ongoing military operation "to defang the Iranian regime" and ensure it can no longer threaten the world with nuclear weapons.

"This is short-term pain to get through to a much better place where the Middle East can no longer be held hostage by the one rogue nation in Iran," Wright added.

The energy secretary also said he predicted the war could end "in the next few weeks, and we'll see a rebound in (fuel) supplies and a pushing down of prices after that."

Since the war began, gas prices have soared in the United States, where Trump in 2024 campaigned relentlessly on a vow to lower fuel costs for Americans. The issue is a critical one for US voters, who head to the polls in November for the country's mid-term congressional elections.

Gas prices have jumped 25 percent in the past month, to $3.70 per gallon, according to the American Automobile Association.

The Trump administration has stressed other governments should help in a possible effort to unblock the Strait of Hormuz by escorting tankers through the narrow waterway along Iran's coast.

US Transportation Secretary Sean Duffy, speaking on Fox News "Sunday Morning Futures," said oil could soon flow through the strait if such escorts -- and shipping insurance -- are worked out.

"Could be a day, could be a week," Duffy said of possible escorts.

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World

Iran Can Go up to Two Months without Oil Exports Before Cutting Output, Analysts Say

A man rides past a large billboard referring to the Strait of Hormuz in Tehran's Vanak Square on April 15, 2026. (AFP)
A man rides past a large billboard referring to the Strait of Hormuz in Tehran's Vanak Square on April 15, 2026. (AFP)
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Iran Can Go up to Two Months without Oil Exports Before Cutting Output, Analysts Say

A man rides past a large billboard referring to the Strait of Hormuz in Tehran's Vanak Square on April 15, 2026. (AFP)
A man rides past a large billboard referring to the Strait of Hormuz in Tehran's Vanak Square on April 15, 2026. (AFP)

Iran can withstand a complete halt in oil exports of up to two months before being forced to curb production, analysts said, after the US began blocking shipping in and out of the country's ports on April 13.

The blockade could prevent roughly 2 million barrels per day (bpd) of Iranian crude from reaching its main buyer China.

Any Iranian production shutdowns would add to more than 12 million bpd of supply already disrupted by the regional war, tightening markets further and ‌lifting oil ‌prices.

With its exports blocked, Iran faces having to ‌divert ⁠crude into onshore storage ⁠tanks. Once those tanks are filled, the OPEC member would be required to curb upstream output.

Consultancy FGE NextantECA estimates Iran has about 90 million barrels of available onshore crude storage capacity, out of total capacity of roughly 122 million barrels.

"Iran can sustain current production of around 3.5 million bpd for roughly two months without exports, extendable to around three months with a modest ⁠500,000 bpd production cut," FGE NextantECA said in a ‌note.

Iranian domestic refineries process about 2 million ‌bpd of oil, they added.

The relevant Iranian authorities were not immediately available for comment.

Energy ‌Aspects assumes significantly lower available onshore storage of about 30 million barrels, ‌based on data from Kayrros.

Under that scenario, Iran could maintain current export levels for about 16 days before storage capacity runs out, based on export levels of 1.8 million bpd.

"The blockade may not have a significant impact on Iranian production in ‌April, but if it continues into May then output would need to be reduced substantially," said Richard ⁠Bronze, co-founder of Energy ⁠Aspects.

He said the consultancy assumes Iran cannot utilize its full nameplate storage capacity, adding that historic data show stocks peaked at 92 million barrels in May 2020, which likely marks a realistic ceiling.

Bronze also said Iran will likely deploy available oil tankers in ports as floating storage, delaying production cuts.

The US military said more vessels were being turned back under the blockade, including the Chinese-owned tanker Rich Starry, which is under US sanctions and which was seen heading back through the Strait of Hormuz on Wednesday.

Eight Iran-linked oil tankers have been intercepted since the blockade began on Monday, the Wall Street Journal reported. A US destroyer stopped two tankers attempting to leave Iran's Chabahar port on the Gulf of Oman on Tuesday, a US official said.

World

World Bank Announces Water Security Plan for One Billion People

A girl carries jerrycans on a wheelbarrow after collecting water from a well at a mosque in Deh Mazang, Kabul, Afghanistan, Thursday, April 2, 2026. (AP)
A girl carries jerrycans on a wheelbarrow after collecting water from a well at a mosque in Deh Mazang, Kabul, Afghanistan, Thursday, April 2, 2026. (AP)
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World Bank Announces Water Security Plan for One Billion People

A girl carries jerrycans on a wheelbarrow after collecting water from a well at a mosque in Deh Mazang, Kabul, Afghanistan, Thursday, April 2, 2026. (AP)
A girl carries jerrycans on a wheelbarrow after collecting water from a well at a mosque in Deh Mazang, Kabul, Afghanistan, Thursday, April 2, 2026. (AP)

The World Bank announced a plan Wednesday that aims to improve secure water access for a billion people within the next four years.

The new "Water Forward" program aims to "expand reliable water services and strengthen systems against droughts and floods."

The Bank said its own funds and technical advice would help improve water supplies to some 400 million people by 2030, with the balance coming from partners.

Regional development banks, OPEC's development fund, and the BRICS-aligned New Development Bank are among institutions that will participate, the World Bank said.

The global lender did not specify how much capital it would commit to the initiative.

Some four billion people -- half the world's population -- face water scarcity, due in part to "unclear policies, weak regulations, and financially unsustainable utilities that have slowed progress and deterred investment," the Bank said.

The global lender said that 14 countries had already voluntarily committed to reform and strengthen their water sectors under the new program.

The focus on governance issues -- not simply physical water infrastructure -- is promising, David Michel, senior associate at the Center for Strategic and International Studies, said.

"In many countries, the water sector fails to fully deploy the funds already allocated to it."

However, the Bank's initiative "faces a long and difficult road ahead," he warned.

The issue of access to safe drinking water, in particular, has been highlighted during the war in the Middle East, with desalination plants in Iran and across the region damaged in bombardments.

Beyond conflicts and immediate drinking water needs, the World Bank said that better water security was needed to grow the global economy.

"Strong water systems are foundational to healthy economies that can attract private investment and create jobs," the Bank said.

World

China FM Tells Iran Beijing Supports ‘Momentum of Peace Talks’

Members of the media raise hands to ask questions as Chinese Foreign Minister Wang Yi holds a press conference on the sidelines of the National People's Congress (NPC), in Beijing, China, March 8, 2026. (Reuters)
Members of the media raise hands to ask questions as Chinese Foreign Minister Wang Yi holds a press conference on the sidelines of the National People's Congress (NPC), in Beijing, China, March 8, 2026. (Reuters)
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China FM Tells Iran Beijing Supports ‘Momentum of Peace Talks’

Members of the media raise hands to ask questions as Chinese Foreign Minister Wang Yi holds a press conference on the sidelines of the National People's Congress (NPC), in Beijing, China, March 8, 2026. (Reuters)
Members of the media raise hands to ask questions as Chinese Foreign Minister Wang Yi holds a press conference on the sidelines of the National People's Congress (NPC), in Beijing, China, March 8, 2026. (Reuters)

China's top diplomat told his Iranian counterpart that Beijing "supports maintaining the momentum of the ceasefire and peace talks" in a phone call on Wednesday, as negotiators from Pakistan landed in Tehran to discuss a second round of US-Iran talks.

Peace talks are "in the fundamental interests of the Iranian people and are also the shared hope of regional countries and the international community," Wang Yi said, according to a Chinese foreign ministry statement.

He said China was willing to continue to play a "constructive role" towards peace in the Middle East after a first round of Iran-US talks in Islamabad at the weekend failed to reach an agreement.