Oil jumps 5% after Trump warns of US control over Strait of Hormuz

BAGHDAD, Iraq — Oil prices rose more than 5% on Monday after U.S. President Donald Trump said the United States was reimposing a blockade on Iran and would take control of the Strait of Hormuz. U.S. crude and Brent crude futures both gained around 5% following the remarks, according to Reuters. In posts on Truth Social, Trump said a 20% share would be taken from all cargoes transiting the strait and that the U.S. would henceforth be recognized as its guardian. He had said on Sunday that the waterway remained open to commercial vessels despite Iran's previous threats to close it, and on Monday reiterated that Washington would assume control and charge a fee to maintain the strategic route. Iran's Islamic Revolutionary Guard Corps-linked Hatem al-Anbia Central Headquarters responded by declaring that passage through the strait would be prohibited without Iranian authorization. The sharp rise in oil prices reflected the impact of Middle East tensions on global energy markets, with the strait remaining a critical corridor for seaborne crude shipments.