Trump plans to strengthen control over the Strait of Hormuz, while the U.S. Strategic Petroleum Reserve has fallen to its lowest level since 1983.

US President Donald Trump said the U.S. should control and operate the Strait of Hormuz, and is considering charging passing vessels a fee equivalent to 20% of the value of their cargo to compensate for the cost of maintaining security in the strait. Separately, Trump noted that the U.S. may continue military operations against Iran, with U.S. forces carrying out airstrikes on Iran for the third consecutive night. Analysts pointed out that against the backdrop of the Strait of Hormuz’s navigation not returning to normal and the U.S. being in its summer peak travel season, the U.S. Strategic Petroleum Reserve (SPR) and commercial crude oil inventories will likely continue to decline, further supporting rises in international oil prices. In the week ending July 3, the U.S. SPR fell to 319.5 million barrels, the lowest level since 1983, and only slightly above the recommended safety floor of around 250 million barrels. Market players believe that if the Strait of Hormuz remains disrupted for a long time, even with relatively sufficient domestic crude oil supply in the U.S., global benchmark crude oil prices may continue to rise, further pushing up inflationary pressure and increasing the likelihood that the Federal Reserve will maintain high interest rate policies. Iranian Foreign Minister Abbas Araghchi responded that any party ensuring safe passage through the Strait of Hormuz should be compensated, but deemed the 20% fee rate too high.