Trump frames the Hormuz blockade as total economic warfare, not a simple toll dispute. The stated goal is a free waterway, but the subtext is forced nuclear capitulation. This policy institutionalizes a massive supply-side risk for crude. The blockade is the trade; any sign of wavering or escalation is the signal. The current geopolitical risk premium in oil is insufficient for this level of stated control over a critical chokepoint.
Yields
NDX
RUT
implicit
Metals
USD
U.S. Government
6.2
Government Agency
Donald Trump
7.0