Oil prices have surged following reports that Iran’s Islamic Revolutionary Guard Corps may be laying mines in the Strait of Hormuz, according to President Donald Trump. The U.S.-Israeli military campaign against Iran has entered its 11th day, with Trump emphasizing oil prices as one of his top concerns.
In a recent post on Truth Social, Trump warned that if Iran had placed mines in the strait and failed to remove them immediately, “the Military consequences to Iran will be at a level never seen before.” He added, “We are using the same Technology and Missile capabilities deployed against Drug Traffickers to permanently eliminate any boat or ship attempting to mine the Hormuz Strait.” Trump also stated that his administration had destroyed “10 inactive mine laying boats and/or ships” as part of its response.
The Strait of Hormuz accounts for approximately 20% of global oil transportation, and disruptions could trigger significant price volatility. Oil prices spiked over the weekend but have since dipped slightly. Defense Secretary Pete Hegseth described Tuesday as set to be the “most intense day of strikes,” asserting, “We’re crushing the enemy in an overwhelming display of technical skill and military force.”
Former Senator Marco Rubio had previously warned Iran in June that mining the Strait would cause severe global economic fallout, stating, “If they mine the Straits of Hormuz, the Chinese are going to pay a huge price… every other country in the world is going to pay a huge price.”
