Brent oil surged above $126 per barrel, its highest level since the start of the Iran war, as President Donald Trump mulled renewed military action and warned the US blockade on Iranian ports could last for months. A top Iranian military adviser, meanwhile, warned that Tehran would “not tolerate” prolonged US restrictions, adding that “if the blockade continues, Iran will respond.”

The Trump administration has been looking for ways to minimize the impact of its war with Iran on American consumers, who, just yesterday, saw prices at the pump rise to their highest levels since Russia’s invasion of Ukraine. One potential measure involves the creation of a new coalition intended to facilitate traffic through the strait. Approved on Wednesday by US Secretary of State Marco Rubio, the initiative was described as “a critical first step in the establishment of a ​post-conflict maritime security architecture for the Middle East,” Reuters reported. Rubio instructed US embassies worldwide to press for countries to join, while excluding Russia, China, Cuba, and “other US adversaries.”