President Donald Trump said a U.S. naval blockade against Iran could last months, leading oil prices to spike to their highest level in more than four years, which held into Thursday.

Trump is expected to receive a briefing on Thursday on new plans for potential military action in Iran from Admiral Brad Cooper, the head of U.S. Central Command, two sources with knowledge told Axios.

U.S. President Donald Trump warned Tehran on Wednesday that it should "get smart soon" and capitulate to Washington's demands for tight controls on its nuclear program, as a U.S. naval blockade turned the screws on Iran's economy.

Pentagon chief Pete Hegseth was due to testify before Congress later in the day, but U.S. press reports suggested Trump has already decided to reject Iran's latest proposed deal to reopen the Strait of Hormuz.

U.S. President Donald Trump has told U.S. national security officials to prepare for a long blockade of Iran's ports in order to compel Tehran to give up its nuclear program, according to the Wall Street Journal.

Trump, according to the report, does not believe that Iran is negotiating in good faith and hopes it can be forced to suspend uranium enrichment for 20 years and accept tight restrictions thereafter.

European Union countries must funnel their energy aid chiefly to vulnerable households and industries or risk wasting billions of euros as the Iran war hits oil and gas prices, European Commission President Ursula von der Leyen warned on Wednesday.

The U.S.-Israel war, combined with retaliation from Iran such as choking the Strait of Hormuz, is costing the EU almost 500 million euros ($600 million) a day, raising prices at the pumps and fears of a jet fuel shortage within weeks.

Pentagon chief Pete Hegseth will make his first testimony before Congress on the Mideast war Wednesday, as efforts to end the conflict stalled with the United States reportedly skeptical of Tehran's latest offer to unblock the Strait of Hormuz.

Iran has blockaded the waterway -- a vital conduit for oil and gas shipments -- since the start of the U.S.-Israeli offensive two months ago, sending shockwaves through the global economy.

“They want us to “Open the Hormuz Strait,” as soon as possible, as they try to figure out their leadership situation,” U.S. President Donald Trump posted on social media.

Efforts to end the Middle East war appeared at a standstill on Tuesday, with the US considering Tehran's latest offer to unblock the Strait of Hormuz, and Iran saying Washington could no longer dictate terms.

Iran has blockaded the waterway -- a vital conduit for oil and gas shipments -- since the start of the U.S.-Israeli offensive two months ago, sending shockwaves through the global economy.

Saudi Arabia welcomed leaders and officials from across the Gulf on Tuesday to discuss the ongoing crisis in the region triggered by the U.S.-Israeli war against Iran.

President Volodymyr Zelensky on Tuesday slammed Israel for allegedly accepting shipments of Ukrainian grain "stolen" by Russia, which occupies swathes of Ukrainian agricultural land.

"Another vessel carrying such grain has arrived at a port in Israel and is preparing to unload," Zelensky wrote in a statement on social media.

The Trump administration seemed unlikely Tuesday to accept Iran's offer to end the war and reopen the Strait of Hormuz if the U.S. lifts its blockade on the country.

The proposal would postpone discussions on the Islamic Republic's nuclear program, something that U.S. Secretary of State Marco Rubio appeared to rule out in a Fox News interview Monday.