Trump considers it possible to block Strait of Hormuz by September

US President Donald Trump says the Strait of Hormuz could remain closed until September and beyond.

His comments to the New York Post mark a more dire assessment than many - including the global stock markets - had predicted.

But he said it was only a worst-case scenario.

'I think it could be [closed through Labor Day, Monday Sept, 7], but I think it’s unlikely. I think that we’ll have it. I think this will resolve itself fairly quickly'.

He further said that oil at $98 per barrel was 'not a big price to pay if you look at the possibility of them having a nuclear weapon'.

Trump stuck largely to optimistic framing and said talks with Iran are 'rapidly evolving'.

The global economy would likely suffer a severe slump if Hormuz remained closed for another four months. Economists warn oil shortages will eventually lead to a recession.