On Thursday, the global benchmark for oil, Brent crude, traded as high as US$126 ($175) a barrel.That shock to oil supplies and prices is putting pressure on Trump, who is floating a new plan to reopen the critical passageway used by the US' Gulf allies to export their oil and gas.Under the plan, the US would continue its blockade on Iranian ports, while coordinating with allies to impose higher costs on Iran’s attempts to subvert the free flow of energy, according to a senior administration official.Trump is weighing multiple diplomatic and policy options to push Iran to end its chokehold, said the official, who spoke on condition of anonymity because they were not authorised to comment publicly.The new proposal, first reported by The Wall Street Journal, is Trump's latest effort to persuade other nations to help reopen the strait.In his remarks, Khamenei seemed to signal Iran would maintain its control over the waterway, which sits in the territorial waters of Iran and Oman Gulf Arab nations, chief among them the United Arab Emirates, have decried Iran's control of the strait as akin to piracy.The US blockade is designed to prevent Iran from selling its oil, depriving it of crucial revenue while also potentially creating a situation where Iran has to shut off production because it has nowhere to store oil.A recent Iranian proposal would push negotiations on the country’s nuclear program to a later date