President Donald Trump told Axios on Wednesday he will keep the U.S. naval blockade on Iran in place until Tehran agrees to a nuclear deal, rejecting an Iranian proposal to first reopen the Strait of Hormuz before nuclear talks resume.

“The blockade is somewhat more effective than the bombing. They are choking like a stuffed pig,” Trump said in the 15-minute phone interview. “They can’t have a nuclear weapon.”

Trump claimed Iran’s oil storage and pipelines “are getting close to exploding,” though some analysts have disputed the timeline.

Strikes Remain On The Table

U.S. Central Command has prepared a “short and powerful” wave of strikes to break the deadlock, three sources told Axios. Trump has not ordered any kinetic action and views the blockade as his primary leverage. A senior Iranian security source quoted by state media Press TV warned the blockade “will soon be met with practical and unprecedented action.”

Trump and senior officials met with oil and gas executives at the White House Tuesday to discuss the energy fallout. Chevron Corp. (NYSE:CVX) CEO Mike Wirth attended, alongside Treasury Secretary Scott Bessent, Vice President Vance, and envoys Steve Witkoff and Jared Kushner.

The group discussed sustaining the blockade for months while minimizing impact on American consumers, a White House official said. U.S. gasoline prices hit $4.23 per gallon Wednesday, the highest since 2022.

Polymarket Is Pricing The May Exit

Polymarket’s “Trump announces US blockade of Hormuz lifted by…?” market has May 15th at 10%, May 31st at 28% and June 30th at 52%

The “US-Iran permanent deal” market has May 31st at 26% and June 30th at 42%

Polymarket traders think there is a 31% chance that Trump announces the end of military action against Iran by May 31st, and 54% by June 30th.

As the White House leans into the blockade as its primary tool of warfare, the clock is ticking on both sides of the Strait. Trump is betting that Tehran's internal pressures will force a nuclear concession before the sustained $4.23 per gallon price tag at home becomes too much of political liability.

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