Panic as Iran Closes Strait of Hormuz, Trump Orders DoE to Ramp Up Oil Drilling

Iran has abruptly closed the Strait of Hormuz, a strategic maritime route that serves as a key artery for global oil shipments, in response to rising regional tensions. The move has triggered panic in global energy markets, as roughly one-third of the world’s crude oil passes through this narrow strait daily. In response to the situation, U.S. President Donald Trump immediately ordered the Department of Energy (DoE) to accelerate domestic oil drilling and production to prepare for a potential energy supply crisis. This measure is aimed at ensuring national energy stability and curbing the spike in global oil prices. Analysts warn that Iran’s closure of the Strait of Hormuz could further escalate regional tensions and have significant global economic repercussions. Meanwhile, the U.S. government continues to monitor developments closely and is working to rally international support to address the unfolding crisis.

ECONOMICS