Svmuu News Donald Trump The U.S. government is applying maximum pressure on Iran by blockading the Strait of Hormuz, while Iran is responding with strong countermeasures, threatening retaliation against all ports in the Gulf. The spot supply in the crude oil market is already tight, with some refineries even paying record premiums of up to $50.U.S. Central Command stated that the blockade will begin at 10 a.m. Eastern Time on Monday and “will be applied impartially to all vessels of all nations traveling to and from Iranian ports and coastal areas, covering all Iranian ports in the Persian Gulf and the Gulf of Oman.” JPMorgan Chase Analysts noted in a report: “Reopening the Strait of Hormuz has become the market’s most pressing priority. The last tanker to pass through the strait on February 28 is expected to reach its destination around April 20, by which time pre-war stockpiles will have been completely depleted from the global supply chain.”"For a long time, Donald Trump has maintained that the rise in U.S. gasoline prices is merely a temporary phenomenon. However, he acknowledged on Fox News’ ‘Sunday Briefing’ that high oil prices could persist until the midterm elections in November. (Jin Shi)