Defense Secretary Pete Hegseth says the US Navy can sustain its Strait of Hormuz blockade indefinitely as Houthi drones hit a Saudi Aramco refinery, spiking oil prices and deepening the standoff with Iran.
US-Iran tensions escalate over the Strait of Hormuz as Trump claims naval dominance and 300% inflation in Iran, while Tehran says peace talks have stalled and oil prices climb.
Brent crude swings from above $90 to near $87 as Trump declares the US Navy has full control of the Strait of Hormuz, while Iran demands reparations and sanctions relief.
Iran demands sanctions relief, frozen assets and a naval blockade end before reopening the Strait of Hormuz, while reports suggest Trump may drop nuclear deal demands to end the standoff.
The Senate passed the Lindsey O. Graham Sanctioning Russia Act in an 86-11 vote, potentially letting Trump slap tariffs as high as 100% on top buyers of Russian oil and gas, including allies.
