On Friday, speaking at the Future Investment Initiative in Miami, President Donald referred to the Strait of Hormuz as the “Strait of Trump,” quickly correcting himself but leaning into the moment.
Trump’s ‘Strait of Trump’ Remark Draws Attention
“I’m so sorry. Such a terrible mistake,” he said, before adding, “The fake news will say, ‘He accidentally said’ — no, there’s no accidents with me. Not too many. If there were, we’d have a major story.”
The crowd responded with laughter as Trump suggested the remark was intentional.
Oil Prices Surge As Strait Of Hormuz Tensions Rise
The comments come as oil prices climb back above $100 per barrel, driven by disruptions in the Strait of Hormuz.
Crude oil futures surged 7.09% to $101.18 per barrel. RBOB gasoline futures climbed 4.97% to $3.2859 per gallon, while ULSD heating oil futures jumped 7.36% to $4.5878 per gallon.
Natural gas futures also rose 2.73% to $3.081 per MMBtu.
Goldman Sachs said on Friday that average daily flows through the Strait of Hormuz had dropped to about 1.1 million barrels per day on a four-day moving average, compared with roughly 20 million barrels per day before the conflict.
US-Iran War Puts Global Energy Supply At Risk
The waterway has become a focal point in the ongoing conflict between the U.S. and Iran. While Trump has said Iran is “begging” to negotiate, Tehran has denied any intention to negotiate.
Earlier this week, Trump floated the idea of joint control of the strait, saying it could be managed by “me and the ayatollah” as part of a broader resolution.
Reports Suggest Renaming Proposal Under Consideration
According to a New York Post report, Trump has also privately considered renaming the strait after himself or potentially calling it the “Strait of America.”
The U.S.-Israel-Iran war is nearing the one-month mark. Trump on Thursday extended Iran’s deadline by 10 days to April 6 for reaching a deal.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Image via Shutterstock
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