Truthout is a vital news source and a living history of political struggle. If you think our work is valuable, support us with a donation of any size.

The U.S. is threatening to intensify its bombardment of Iran as the country’s leadership rejects a 15-point U.S. proposal to end the war. Iran has issued a number of demands, including recognition of its sovereignty over the Strait of Hormuz. Since the war began, Iran has largely blocked ships from passing through the critical strait, causing a global crisis as the prices of oil, natural gas and fertilizer soar.

“We’re not just talking about potential spikes in food prices … but also potentially key shortages in the commodities that are necessary to produce food, like fertilizers,” says Adam Hanieh, director of the SOAS Middle East Institute at the University of London. “Many of the countries that are going to be most potentially impacted by this are already in conditions of famine or near famine.”

This is a rush transcript. Copy may not be in its final form.

NERMEEN SHAIKH: As the U.S.-Israeli war on Iran enters its 27th day, the U.S. is threatening to intensify its bombardment as Iran rejects a U.S. proposal to end the war. Iran has issued a number of demands, including war reparation payments and recognition of Iran’s sovereignty over the Strait of Hormuz. Since the war began, Iran has largely blocked ships from passing through the critical strait, causing a global crisis. The prices for oil, natural gas and fertilizer have soared. On Wednesday, the head of Abu Dhabi’s state oil company, Sultan Al Jaber, accused Iran of committing, quote, “economic terrorism.”

SULTAN AL JABER: Weaponizing the Strait of Hormuz is not an act of aggression against one nation. It is economic terrorism against every nation, every consumer, every family that depends on affordable energy and food. When Iran holds Hormuz hostage, every nation pays the ransom at the gas pump, at the grocery store, at the pharmacy. Every household. No country can be allowed to destabilize the global economy in this way, not now, not ever. Related Story News | War & Peace Trump Admits Iran War Is Unconstitutional: “You’re Supposed to Get Approval” Trump said he’s avoiding using the word “war” in reference to the Iran war, even though he’s used it many times. By Sharon Zhang , Truthout March 26, 2026 Truthout

SULTAN AL JABER: Weaponizing the Strait of Hormuz is not an act of aggression against one nation. It is economic terrorism against every nation, every consumer, every family that depends on affordable energy and food. When Iran holds Hormuz hostage, every nation pays the ransom at the gas pump, at the grocery store, at the pharmacy. Every household. No country can be allowed to destabilize the global economy in this way, not now, not ever.

Trump Admits Iran War Is Unconstitutional: “You’re Supposed to Get Approval”

AMY GOODMAN: Earlier this week, President Trump floated the idea of personally taking partial control of the strait himself.

REPORTER: By whom? PRESIDENT DONALD TRUMP: Maybe me. Maybe me. REPORTER: You want the United States to be in control of the Strait of Hormuz? PRESIDENT DONALD TRUMP: Me and the ayatollah, whoever the ayatollah is, whoever the next ayatollah.

PRESIDENT DONALD TRUMP: Maybe me. Maybe me.

REPORTER: You want the United States to be in control of the Strait of Hormuz?

PRESIDENT DONALD TRUMP: Me and the ayatollah, whoever the ayatollah is, whoever the next ayatollah.

AMY GOODMAN: This all comes as speculation is growing the U.S. might attempt to seize Kharg Island, a key Iranian oil export hub in the Persian Gulf. The Pentagon has deployed thousands of paratroopers from the 82nd Airborne Division to the Middle East.

We go now to London, where we’re joined by Adam Hanieh, the director of the SOAS Middle East Institute of the University of London. His most recent book is Crude Capitalism: Oil, Corporate Power, and the Making of the World Market. His new piece for The New York Review of Books is headlined “Bottling the World Economy.” And his recent op-ed for The Guardian is headlined “If oil price shocks weren’t bad enough, Trump’s war could have other unintended consequences.”

Adam Hanieh, welcome to Democracy Now! It’s great to have you with us. I want to start where we left off in that lede, this issue of the U.S. sending in thousands of paratroopers, with the speculation that the U.S. might want to take over Kharg Island. If you can explain the significance of this in the Persian Gulf? And talk about the significance of what this means in the war overall.

ADAM HANIEH: Well, absolutely, we need to situate this in the wider importance of the Strait of Hormuz, as the — as we heard just now. Kharg Island is an essential oil export terminal for Iran. About 90% of Iran’s oil exports depart from that island. So, it’s clearly an attempt by the Trump administration to take control of this critical chokehold, if you like, chokepoint........

© Truthout