Trump Reinstates Hormuz Blockade With 20% Shipping Fee; U.S. Maxes Out SPR to 1983 Lows
- The U.S. Strategic Petroleum Reserve has fallen to roughly 316-320 million barrels, its lowest since April 1983, as the administration releases barrels under a 172-million-barrel plan tied to the Iran conflict (MarketWatch).
- The New York Times reports Trump's 20% Hormuz transit fee could roughly double the cost of moving oil through the strait, compounding the squeeze on global supply.
- Oil held near one-month highs above $83/bbl in overnight trade as U.S. and Iran stepped up attacks in the strait (Reuters).