• Home
  • Latest
  • Fortune 500
  • Finance
  • Tech
  • Leadership
  • Lifestyle
  • Rankings
  • Multimedia

Trendingnow

1

Jeff Bezos wants the bottom half of earners to pay zero income tax—he says nurses making just $75K should save $12K a year

2

As CEO of the $96 billion Sam’s Club, Latriece Watkins is testing her mettle at the warehouse retailer that produced CEOs for Walmart, Target, and Walgreens

3

The river that supplies 40 million Americans is down to 23% — and about to make a $25 million bet on one fish

1

Jeff Bezos wants the bottom half of earners to pay zero income tax—he says nurses making just $75K should save $12K a year

2

As CEO of the $96 billion Sam’s Club, Latriece Watkins is testing her mettle at the warehouse retailer that produced CEOs for Walmart, Target, and Walgreens

3

The river that supplies 40 million Americans is down to 23% — and about to make a $25 million bet on one fish
PoliticsIran

Trump gives Iran 48 hours on Hormuz, threatens power plants

By
Jennifer A. Dlouhy
Jennifer A. Dlouhy
and
Bloomberg
Bloomberg
Down Arrow Button Icon
By
Jennifer A. Dlouhy
Jennifer A. Dlouhy
and
Bloomberg
Bloomberg
Down Arrow Button Icon
March 21, 2026, 8:55 PM ET
 President Donald Trump speaks to the press before his departs the White House en route Miami, Florida on March 20, 2026, in Washington DC.
President Donald Trump speaks to the press before his departs the White House en route Miami, Florida on March 20, 2026, in Washington DC. Celal Gunes/Anadolu via Getty Images

President Donald Trump threatened to attack Iran’s power plants if the country didn’t swiftly reopen the Strait of Hormuz to commercial ship traffic after the passage of oil and gas cargoes has been paralyzed.

Recommended Video

Trump said in a social media post Saturday evening that he would “hit and obliterate” Iran’s power plants, beginning with the biggest one, if it didn’t open the strait within 48 hours.

The comments from Trump, on his Truth Social media platform, marked a dramatic escalation in the US president’s rhetoric about the strait, a day after he said he was thinking about “winding down” the military operation and that the responsibility for policing Hormuz would fall to the countries reliant on shipping through the corridor.

Threats have nearly ground shipments of commodities to a halt through the Strait of Hormuz, which provides transit for roughly 20% of the world’s oil and gas. The resulting energy supply shock has sent crude prices soaring, with international benchmark Brent futures closing at $112.19 on Friday.

The declaration also comes despite Trump’s appeal for a halt in Israel’s strikes on energy assets in the region, which risk inspiring retaliatory attacks by Iran on oil and gas infrastructure and further limiting the flow of those supplies to world markets.

The region’s energy assets have increasingly come into focus as attacks widen, with Israel striking the South Pars gas field last Wednesday, and Iran retaliating with its own volleys on the world’s largest LNG facility, in Qatar.

More than 100 people were injured in Israel on Saturday by multiple Iranian strikes in the country’s south, as Tehran sought to retaliate for an earlier attack on its own nuclear facility. 

Read More: Trump’s Iran War Drive Exposes Limits of ‘Yes Sir’ Cabinet

As the conflict, entering its fourth week, caused a surge in energy prices, the US Treasury has taken the extraordinary step of allowing the sale of Iranian oil and petrochemical products that had already been loaded onto tankers despite existing sanctions.

The price spikes pose political risks for Trump at home, just eight months before midterm elections expected to hinge largely on voters’ view of the US economy and consumer costs.

Although the US is pumping record amounts of oil and gas domestically, and is less reliant on Middle East resources than China, Japan and other nations, the supply shock tied to the strait is being felt in higher prices globally.

Trump’s mixed signals have left governments and markets scrambling to keep up with the shifting messages. On Friday, he posted: “We are getting very close to meeting our objectives as we consider winding down our great Military efforts in the Middle East.”

But Israeli Defense Minister Israel Katz said Saturday that the joint campaign would intensify significantly, a day after Tehran launched ballistic missiles at the joint US-UK military base in Diego Garcia — nearly 2,500 miles (4,000 kilometers) away from Iran. 

The base suffered no damage, according to a person familiar with the matter speaking on condition of anonymity, but the attack demonstrated a capability that goes beyond what Iran was known to have possessed. 

Trump’s efforts to enlist US allies in helping reopen the strait to widespread commercial ship traffic have largely been rebuffed. Trump, in turn, has lashed out at fellow NATO members, branding them “cowards” for not joining the efforts.

Trump previously has promised US naval escorts and a government-backed reinsurance program to help lower the barriers to sending ships through the strait amid the conflict. However, there are no signs that any tanker has yet transited with the help of the US Navy.

Israel and Iran also traded more missiles strikes on Saturday.

Iran said it fired missiles at the Israeli city of Dimona, which also lends its name to a nearby nuclear research facility, in what Iranian state TV labeled a response to an earlier attack on the country’s Natanz nuclear facility. 

Israeli authorities said some 47 people were injured. A second strike landed in southern Israel, where three residential buildings suffered significant damage in Arad and hospital officials said more than 60 people were wounded, including seven who were taken to the hospital. 

Subscribe to Fortune Gulf Brief. Every Tuesday, this new newsletter will deliver clear-eyed, authoritative intelligence on the deals, decisions, policies, and power shifts shaping one of the world’s most consequential regions, written for the people who need to act on it. Sign up here.
About the Authors
By Jennifer A. Dlouhy
See full bioRight Arrow Button Icon
By Bloomberg
See full bioRight Arrow Button Icon

Latest in Politics

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025

Most Popular

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Fortune Secondary Logo
Rankings
  • 100 Best Companies
  • Fortune 500
  • Global 500
  • Fortune 500 Europe
  • Most Powerful Women
  • World's Most Admired Companies
  • See All Rankings
  • Lists Calendar
Sections
  • Finance
  • Fortune Crypto
  • Features
  • Leadership
  • Health
  • Commentary
  • Success
  • Retail
  • Mpw
  • Tech
  • Lifestyle
  • CEO Initiative
  • Asia
  • Politics
  • Conferences
  • Europe
  • Newsletters
  • Personal Finance
  • Environment
  • Magazine
  • Education
Customer Support
  • Frequently Asked Questions
  • Customer Service Portal
  • Privacy Policy
  • Terms Of Use
  • Single Issues For Purchase
  • International Print
Commercial Services
  • Advertising
  • Fortune Brand Studio
  • Fortune Analytics
  • Fortune Conferences
  • Business Development
  • Group Subscriptions
About Us
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • Facebook icon
  • Twitter icon
  • LinkedIn icon
  • Instagram icon
  • Pinterest icon

Latest in Politics

Los Angeles Mayor Karen Bass seeks reelection following term mired with wildfire and homelessness: ‘I haven’t always got it right’
North AmericaLos Angeles
Los Angeles Mayor Karen Bass seeks reelection following term mired with wildfire and homelessness: ‘I haven’t always got it right’
By The Associated Press and MIchael R. BloodMay 29, 2026
1 hour ago
Recent blocks on Republican bills may showcase a tough time for the party ahead of the midterms
PoliticsRepublican Party
Recent blocks on Republican bills may showcase a tough time for the party ahead of the midterms
By Kevin Freking and The Associated PressMay 29, 2026
2 hours ago
‘Boy, what a team,’ says Trump as Queens native scores an invite to see the New York Knicks in the NBA finals
Arts & EntertainmentDonald Trump
‘Boy, what a team,’ says Trump as Queens native scores an invite to see the New York Knicks in the NBA finals
By Catherina GioinoMay 29, 2026
2 hours ago
jill
MPWElections
Jill Biden on that debate performance: ‘Is he short-circuiting? Is this a stroke?’
By Darlene Superville and The Associated PressMay 29, 2026
3 hours ago
fcc
LawMedia
Disney is calling Trump’s FCC ‘unconstitutional.’ It paid him $15 million 2 years ago
By Steven Sloan and The Associated PressMay 29, 2026
3 hours ago
scott
North AmericaWhite House
Scott Bessent confirms a $250 bill with Trump on it has a prepared design
By Bill Barrow and The Associated PressMay 29, 2026
3 hours ago

Most Popular

Jeff Bezos wants the bottom half of earners to pay zero income tax—he says nurses making just $75K should save $12K a year
Success
Jeff Bezos wants the bottom half of earners to pay zero income tax—he says nurses making just $75K should save $12K a year
By Preston ForeMay 21, 2026
8 days ago
As CEO of the $96 billion Sam’s Club, Latriece Watkins is testing her mettle at the warehouse retailer that produced CEOs for Walmart, Target, and Walgreens
Magazine
As CEO of the $96 billion Sam’s Club, Latriece Watkins is testing her mettle at the warehouse retailer that produced CEOs for Walmart, Target, and Walgreens
By Emma HinchliffeMay 27, 2026
2 days ago
The river that supplies 40 million Americans is down to 23% — and about to make a $25 million bet on one fish
Environment
The river that supplies 40 million Americans is down to 23% — and about to make a $25 million bet on one fish
By Dorany Pineda, Brittany Peterson and The Associated PressMay 27, 2026
2 days ago
Jamie Dimon said the American Dream was slipping away. JPMorgan just put $40 million on the table to fix it
Banking
Jamie Dimon said the American Dream was slipping away. JPMorgan just put $40 million on the table to fix it
By Nick LichtenbergMay 27, 2026
2 days ago
Current price of oil as of May 28, 2026
Personal Finance
Current price of oil as of May 28, 2026
By Joseph HostetlerMay 28, 2026
1 day ago
As AI slashes white-collar jobs, Salesforce CEO Marc Benioff says almost no one is being hired—except in sales
Success
As AI slashes white-collar jobs, Salesforce CEO Marc Benioff says almost no one is being hired—except in sales
By Emma BurleighMay 28, 2026
24 hours ago

© 2026 Fortune Media IP Limited. All Rights Reserved. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice | Do Not Sell/Share My Personal Information
FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. FORTUNE may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.