Oil Price Rises Above $100 as Trump Threatens to Shoot Boats Laying Mines in Strait of Hormuz

Brent crude oil price is back above $100, reaching a two-week high as tensions between the U.S. and Iran rise again. U.S. President Donald Trump threatened to shoot Iranian boats that are laying mines in the Strait of Hormuz as the standoff in this oil chokepoint continues despite a ceasefire between the two countries.

Oil Price Back Above $100 As U.S.-Iran Tensions Rise

In a Truth Social post, President Trump revealed that he has ordered the U.S. Navy to “shoot and kill” any boat that is putting mines in the waters of the Strait of Hormuz. “There is to be no hesitation,” he said.

Oil price climbed amid his post, Brent crude oil futures rising over 3% to a 2-week high of around $105, according to TradingView data. U.S. oil prices are also up on the day, with WTI futures rising to almost $100.

Trump’s remarks threaten to escalate tensions between the U.S. and Iran further, especially as peace talks between both sides have stalled. This marks a shift from an earlier report on Trump’s statement that U.S.-Iran peace talks could take place this Friday.

It is worth noting that despite the ceasefire between the U.S. and Iran, both sides are at loggerheads over the Strait of Hormuz. Tensions have been at a high since Trump refused to end the blockade even after Iran decided to reopen the major oil chokepoint, which led to them reclosing the Strait.

Trump Is In No Rush To Make A Deal

In his latest Truth Social post, the U.S. president said he is not anxious to end the war with Iran and that he is possibly the least pressured person ever to be in this position. “I have all the time in the World, but Iran doesn’t — The clock is ticking!” he said.

Oil prices rose again on his comment, with the president stating that the U.S. blockade at the Strait of Hormuz is “airtight and strong” and that, from there, “it only gets worse” because time is not on Iran’s side. He added that the U.S. will only make a deal when it is appropriate and good for the U.S., its allies, and the rest of the world.

Meanwhile, the crypto market is down today with oil prices rising as tensions between the U.S. and Iran rise again, and amid uncertainty about when a second round of peace talks could hold. Bitcoin dropped to as low as $77,000 today.

BTC had sharply dropped to this level on the back of unconfirmed reports that Iran was facing air attacks. However, it rebounded after Israel confirmed that it wasn’t carrying out any airstrikes on Iran.