Oil prices hit a 4-year high as Axios reports Trump will hear new options to try to break the Strait of Hormuz standoff with Iran with a new wave of attacks.

Iran said on Thursday that if Washington renewed attacks it would respond with "long and ​painful strikes" on U.S. positions, complicating U.S. plans for an international coalition to open the Strait of Hormuz.

U.S. President Donald Trump on Wednesday urged Iran to 'get smart soon' and sign ⁠a ⁠deal, following days of deadlock in efforts to end ⁠the conflict and a media report that the U.S. would extend its blockade of Iran's ports.

Hopes of a swift resolution to the conflict have receded since Trump last weekend scrapped a visit by his special envoy Steve Witkoff and son-in-law Jared Kushner to Pakistan.

The United States is pressing ahead with plans for an international coalition ⁠to ⁠open the Strait of Hormuz, according to a State Department ⁠cable seen by Reuters, as oil prices surge on fears of lengthy disruptions to global fuel supplies.

More jumps for oil prices and hints that some Federal Reserve officials don't want to cut interest rates any time soon sent tremors through the U.S. bond market on Wednesday. But the U.S. stock market remained resilient despite that and hung around its record heights thanks to Visa and other companies reporting fatter profits than

President Donald Trump told his aides to prepare for an extended US Naval blockade of the Strait of Hormuz, the Wall Street Journal reported, as the US looks to intensify economic pressure on Iran as the war enters its third month.

Oil prices surged over 6% on Wednesday to settle at their highest in weeks, as deadlocked U.S.-Iran ‌negotiations made investors more concerned about prolonged disruptions to Middle Eastern supply.