Donald Trump says the Strait of Hormuz has been cleared of mines and is under U.S. control. Commodity markets, however, are showing little sign of relief. Oil prices are rising as political tensions remain high and only a limited number of vessels continue to pass through one of the world’s most important energy corridors.
Trump says all mines have been cleared
According to U.S. President Donald Trump, American forces have removed all Iranian mines from the Strait of Hormuz. Speaking at the White House, Trump said the United States was in control of the waterway and that the key shipping route was open.
So far, however, this has not translated into a return to normal maritime traffic.
Current shipping data still paint a cautious picture. According to Reuters, only 6 vessels passed through the Strait of Hormuz on Monday. The average over the previous 10 days had been around 11. Net exports of crude oil and petroleum products through the strait fell to roughly 3 million barrels per day in the week through August 7, down from 4.4 million barrels the week before.
Oil climbs to highest level since late July
Rather than reacting to Trump’s declaration, commodity markets are currently focused on the stalled negotiations between Washington and Tehran.
Brent crude rose 2.38 percent on Tuesday morning to $89.81 per barrel, while West Texas Intermediate gained 2.62 percent to $84.28. Both benchmarks reached their highest levels since July 31. Oil prices had already risen by more than 5 percent on Monday.
Prospects for a rapid reopening of the strait have also been clouded by new political demands. Iran is seeking, among other things, an end to U.S. sanctions and compensation payments. Trump, in turn, has demanded compensation from Tehran for deaths and damages linked to past conflicts and attacks.
Rather than moving closer to an agreement, the two sides appear to have widened the gap between them.
Why Hormuz remains critical for the global economy
The Strait of Hormuz is one of the most important chokepoints in the global energy market.
During the first half of 2025, an average of 20.9 million barrels of oil per day passed through the strait — equivalent to roughly 20 percent of global petroleum consumption. More than 20 percent of global liquefied natural gas trade also moved through the waterway.
Alternative routes are limited. Pipelines in Saudi Arabia and the United Arab Emirates can bypass Hormuz for part of the region’s exports, but their capacity is nowhere near sufficient to replace normal tanker traffic through the strait.
What matters now
Trump’s announcement may have removed one military risk in the Strait of Hormuz — at least according to the U.S. administration.
For oil markets, however, that is not enough.
As long as tanker traffic remains restricted, insurance and freight costs stay elevated and Washington and Tehran fail to reach a political agreement, a substantial risk premium is likely to remain embedded in oil prices.
For markets, the key question is therefore no longer simply whether mines remain in the water — but whether oil can once again flow through Hormuz without disruption.
