Trump floats a new plan to reopen the Strait of Hormuz; US would continue its blockade on Iranian ports, while coordinating with allies to impose higher costs on Iran’s attempts to subvert the free flow of energy, according to AP citing official

This development signals a potential escalation in tensions surrounding the Strait of Hormuz, a critical shipping route for global oil supply. Trump's proposed plan to intensify pressure on Iran through blockades and international coordination could lead to higher energy prices and volatility in commodity markets, while also impacting broader currency dynamics, particularly for oil-sensitive currencies. Traders should watch for market reactions in crude oil and safe-haven assets as the geopolitical landscape evolves.