United States, president, Donald Trump has made the situation with regard to global oil trade much worse by picking a fight with Iran. It has now been communicated that Iran has reportedly shut down Strait Of Hormuz till the end of Trump’s tenure as the United States president.
Iran has ruled out any future negotiations with the Trump administration, declaring it will wait out Trump’s term until January 20, 2029. “Trump will not reach an agreement with us. We will accompany him until his term ends,” Majid Shakeri, advisor to Parliament Speaker Ghalibaf says.
Further, Iran declared that the Strait of Hormuz will stay closed until 2029, the end of Trump’s term, unless Trump accepts all of Iran’s demands.
In the meanwhile, US Strategic Petroleum Reserve crude oil inventories have officially fallen below 300M barrels for the first time since 1983. This is a 43-year low, with inventories declining another 6.1M barrels last week to 298.7M barrels.
This is not just bad news to the United States, but also several countries across the globe, including India, which could face severe shortage in oil supply if the Hormuz isn’t opened at the earliest.
This post was last modified on 10 August 2026 10:48 pm
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