President Donald Trump declared on June 10 that the US intends to seize “total control” over Iran’s oil industry. Oil is trading above $120 per barrel. The US has frozen roughly $344 million in Iranian-linked cryptocurrency wallets.
Iranian forces declared the Strait of Hormuz closed in early March 2026, effectively putting a chokehold on roughly 20% of the world’s oil supply.
What Trump actually said, and what it means
Trump’s June 10 remarks included a vow to “hit Iran very hard” over its control of the strait, alongside a suggestion that the waterway could be renamed the “Strait of Trump” or placed under joint US-Iranian oversight. The rhetorical escalation tracks with the administration’s broader maximum-pressure campaign, which has aimed to drive Iranian oil exports to zero through aggressive sanctions.
The administration has simultaneously been pressuring allies to secure alternative oil supplies, while floating the possibility of US-led naval policing of the strait.
