Trump floats U.S. takeover of Strait of Hormuz as oil tops $119 a barrel

President Trump said the United States might seize control of the Strait of Hormuz from Iran to keep it open for commercial shipping after Iran declared the strait closed on March 4. Brent crude topped $119 a barrel, a more than 30 percent spike since the war began. Trump later floated renaming the waterway the "Strait of America" or "Strait of Trump." Iran's closure of the strait, through which approximately 20 percent of global oil supply transits, created an immediate global energy crisis.