Why the Strait of Hormuz matters as Trump issues fresh ultimatum to Iran
Few places on the planet matter more to the global economy than the Strait of Hormuz.That’s why President Donald Trump has given Iran until Tuesday to allow all vessels through...
By Fox News · Fox News
Few places on the planet matter more to the global economy than the Strait of Hormuz. That’s why President Donald Trump has given Iran until Tuesday to allow all vessels through the key waterway — or face strikes on critical infrastructure, as fuel costs climb worldwide. In a profanity-laced post on Truth Social, Trump wrote on Sunday: "Tuesday will be Power Plant Day, and Bridge Day, all wrapped up in one, in Iran . There will be nothing like it!!! Open the F-----’ Strait, you crazy b-------, or you’ll be living in Hell - JUST WATCH! Praise be to Allah." "Tuesday, 8:00 P.M. Eastern Time!" he wrote in a second post. Trump also said he will hold a press conference at the White House on Monday alongside military officials. SAN FRANCISCO BECOMES FIRST US CITY WHERE DIESEL PRICES TOP $8 A GALLON At just 21 miles wide at its narrowest point, the waterway between Iran, Oman and the United Arab Emirates is one of the world’s most critical energy choke points. It carries roughly 20 million barrels of oil a day, along with about one-fifth of global liquefied natural gas. It’s also a key artery for refined fuels. The Middle East exports about 1.1 million barrels per day of jet fuel — roughly 15% to 17% of global consumption — according to Jaime Brito, executive director of refining and oil products at OPIS. Much of that supply moves through the Strait of Hormuz. The escalation is already sending oil, gasoline, diesel and jet fuel prices sharply higher worldwide. As of April 5, the national average for regular gasoline stood at $4.11 per gallon, according to AAA — up 86 cents from a month earlier. On the West Coast, drivers are seeing the highest costs, with prices reaching $5.92 per gallon in California and $5.37 in Washington. WHERE GAS PRICES ARE RISING FASTEST AS TRUMP ISSUES FRESH WARNING TO IRAN On the East Coast, gas prices are exceeding $4 in several areas, including $4.27 in Washington, D.C., and $4.06 in New York. In the Midwest, Illinois stands out at $4.29 per gal…