Trump claims total control of Hormuz as oil prices surge 5% amid Iran standoff

Oil prices surged more than 5% on Monday, 10 August, as U.S. President Donald Trump claimed the U.S. Navy has established "100% control" over the Strait of Hormuz through an "infallible" blockade. The escalation follows Trump’s demand that Tehran pay reparations for decades of regional conflict as a condition for easing tensions in the vital waterway. U.S. Claims Naval Blockade Effective Speaking from the Oval Office, Trump stated that the U.S. Navy has successfully "mine-swept" the entire strait and is now regulating all non-Iranian traffic. "We control the Strait, 100%," Trump told reporters, describing the U.S. military presence as a "steel wall." The move comes as a response to Iran’s demands for $300 billion in frozen assets and the lifting of sanctions in exchange for reopening the passage. In Washington, the administration also issued a 90-day extension to the Jones Act waiver. This allows foreign vessels to transport energy products between U.S. ports, a measure intended to stabilize domestic fuel supplies as the conflict continues to disrupt global shipping routes. Iran Reshuffles Military Leadership Simultaneously, Iranian Supreme Leader Mojtaba Khamenei announced a…