A standoff in the Strait of Hormuz has sent global oil prices soaring above $120 per barrel, as President Trump calls on Tehran to “just give up.” The escalating crisis threatens to disrupt a vital maritime chokepoint through which about 20% of the world's oil passes.
“Just give up,” Trump said in a statement, urging Iran to back down as military tensions mount in the region.
The surge in oil prices adds to global economic pressures, with analysts warning of potential supply disruptions if the standoff continues. The Strait of Hormuz, located between Iran and Oman, has long been a flashpoint for geopolitical conflict.