The US is now seeking to choke off the country’s oil sales despite issuing a waiver last month to calm global markets

US President Donald Trump has not ruled out resuming “limited” strikes against Iran after ordering a naval blockade and threatening to deny “safe passage” to any ships that have complied with Tehran’s fees and rules for transiting the Strait of Hormuz.

The US president could also resume a “full-fledged bombing campaign,” though officials told the Wall Street Journal that this is “less likely.”

Global oil prices surged above $100 after the US Department of War announced that US forces will begin enforcing a blockade on all maritime traffic entering and exiting Iranian ports from 10:00 AM ET (2:00 PM GMT) on April 13. The move falls short of Trump’s original threat to block “any and all” ships trying to enter or leave the strait.

Americans should “enjoy” the current prices at the pump, Iranian Parliament Speaker Mohammad Bagher Ghalibaf warned, adding that “soon you’ll be nostalgic for $4-$5 gas.”

Iran has warned that any hostile military activity in the waterway will be met with force. President Masoud Pezeshkian has said a deal is still possible if the US abandons its “totalitarianism.”

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Key developments:

• US Central Command said the blockade would apply to vessels of all nations calling at Iranian ports on the Arabian Gulf and Gulf of Oman, but insisted that it would not impede freedom of navigation through the Strait of Hormuz for ships traveling to and from non-Iranian ports.

• After the collapse of the marathon 21-hour negotiations in Islamabad, Vice President J.D. Vance said Washington left Pakistan with its “final and best offer” still on the table. Tehran said the process broke down because of “excessive” or “unreasonable” US demands.

• Washington has framed the impasse around its demand for a binding commitment that Iran not pursue a nuclear weapon. Iranian officials say the US tried to win at the negotiating table what it failed to secure during the war.

• Iranian Foreign Minister Abbas Araghchi said the talks came within “inches” of reaching a memorandum of understanding before the process was derailed by “maximalism, shifting goalposts, and blockade.”

Follow our live coverage below for continuous updates. You can also read our previous updates here.