Trump's Strait of Hormuz Claim Sparks Oil Price Surge Past $96 Per Barrel
Oil prices surged past $96 per barrel on Wednesday as US President Donald Trump claimed that Washington had 'almost total control' of the Strait of Hormuz. The Brent crude price rose for the third consecutive session, while US West Texas Intermediate (WTI) crude reached $91.46 per barrel. Trump's statement came after a series of military strikes against Iranian bases, which he said were in response to an alleged attempt by Iran to lay mines in the strait and a strike on a US base.
The latest exchange of hostilities followed a weekend flare-up since July, with attacks on two tankers departing the Strait of Hormuz on Monday. The disruptions have forced traders to seek alternative crude shipments, causing further price increases. The IRGC (Iran's Islamic Revolutionary Guard Corps) said that the US attacks would further restrict traffic via the strategically vital waterway, which carried around 20% of global oil consumed before the conflict.
Trump warned that further action by Washington would be in response to any offensive by Iran. The US President stated on Truth Social, 'I like our position now much better, with almost total control of the Hormuz Strait, and their economy totally collapsing.'