Trump Asserts US Control Over Strait of Hormuz and Warns Iran of Force
Trump said the Navy has 100% control of the waterway and warned Iran could face a forceful response as oil prices climbed about 2%, traders said.
- President Donald Trump claimed the U.S. Navy has "100%" control of the Strait of Hormuz, even as oil prices surged following deteriorating prospects for a deal between Tehran and Washington.
- Prices for U.S. crude rose 2% early on Tuesday, building on an over 5% gain from Monday to trade at $82.80 per barrel, while Brent crude climbed 2.2% to $89.62.
- Jefferies economist Modupe Adegbembo told CNBC that market moves won't be so "benign" if the current deadlock between the U.S. and Tehran continues into next week.
- "It's open now," Trump told reporters, asserting the U.S. is "the only one that has control of the Strait of Hormuz right now," despite investor uncertainty.
- Asian markets traded mixed on Tuesday as the standoff persisted, with South Korea's Kospi posting gains while Hong Kong and mainland Chinese markets declined.
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The ceasefire in the Middle East is apparently to continue. Donald Trump claims the street of Hormus. All developments in the news blog.
Iran War: Iran, Ansar Allah Keep Up Attacks on Ships as Trump Insists He Controls Strait of Hormuz, Will Break Iran Economically; Press Highlights Trump Cowardice in Catering Truck Escape From Ankara
Today's Iran war news: Trump holds fast momentarily as his humiliation becomes more visible and Iran and Ansar Allah keep attacking.
According to a British authority, Iran's attacks and harassment in the Strait of Hormus stop, so only a few merchant ships pass through the Strait. But US President Trump affirms that he has control of them and sends a new warning to Tehran.
Tehran, for its part, makes it clear that it will not open the Straits unless Washington backs down - About ten ships passed through Hormuz on Tuesday - US and Iran are close to some kind of agreement, Pakistan said
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