Trump Declares US Navy Control of Strait of Hormuz After Mine-Clearing Operation
White House says sea lane carrying a fifth of global oil is secured following sweep, removing an acute tail risk from crude and tanker markets while leaving the underlying military standoff unresolved
President Trump stated that the US Navy now controls the Strait of Hormuz following a mine-clearing operation, an assertion that materially reduces the near-term insurance premium embedded in crude, freight and LNG shipping rates — though it also confirms that mines were laid in the world's most critical energy chokepoint.