Trump Says US Naval Blockade Causing Iran Economy to Collapse

A statement from Iranian leader Mojtaba Khamenei indicated the country is developing ‘new rules’ to assert control over the Strait of Hormuz.

Iranians walk past a large billboard depicting Iranian leader Ayatollah Mojtaba Khamenei on a street in Tehran on April 20, 2026. Atta Kenare/AFP via Getty Images

President Donald Trump said a U.S. naval blockade against Iran is working and imposing significant economic pressure on the country, as May 1 marks a 60-day congressional deadline for the war.

“Right now, their economy is collapsing, inflation is at close to 100 percent,” Trump told Newsmax in an interview that aired on Thursday. “They can’t do any oil because we have a blockade that’s 100-percent effective.”