Trump says Iran ‘better get smart soon;' oil hits $115 per barrel
April 29 (UPI) -- The price of Brent crude oil passed $115 per barrel early Wednesday while President Donald Trump urged Iran on social media to agree to a nuclear deal.
The United States and Iran remain under a cease-fire agreement that began on April 8 but negotiations to end the war have stalled. The president posted on Wednesday that Iran "better get smart soon."
"Iran can't get their act together," Trump wrote. "They don't know how to sign a non-nuclear deal. They better get smart soon!"
Trump wrote on social media Tuesday that Iran informed the United States that it is in a "state of collapse," though he did not clarify who told him that. He said Iran was asking for the U.S. Navy to end the blockade of the Strait of Hormuz, a critical channel for the Middle East's seaborne oil trade.
The president and his national security team convened on Monday to discuss a proposal by Iran that would have seen the strait reopen but did not make concessions on Iran's nuclear program.
Since the announcement of a cease-fire between Lebanon and Israel helped bring the price of Brent crude oil down to $90 per barrel, the price has increased for 12 consecutive days.
The drawn out closure of the Strait of Hormuz has put immense stress on the global oil market. June futures on Brent crude oil were trading at $115 per barrel on Wednesday. West Texas Intermediate were up 3.3% to $103.18 per barrel.
Gas prices in the United States have cleared an average of $4 per gallon, reaching $4.23 on Wednesday. It is the highest national average in nearly four years.
Despite the blockade by the U.S. Navy, BBC reports that at least four vessels that used Iranian ports have crossed the blockade.
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This story was originally published April 29, 2026 at 10:23 AM.