In a dramatic escalation of geopolitical tensions, former President Donald Trump declared the U.S. Navy will blockade the Strait of Hormuz, directly targeting vessels that have paid transit fees to Iran in cryptocurrency or Chinese yuan. The announcement follows failed nuclear negotiations between Pakistan and Iran, with Trump stating payments made in digital assets or non-USD currencies for passage are 'illegal' and will be pursued in international waters—a move analysts warn could trigger immediate volatility in crypto markets as global trade corridors face disruption.
“THIS IS WORLD EXTORTION, and Leaders of Countries, especially the United States of America, will never be extorted. I have also instructed our Navy to seek and interdict every vessel in International Waters that has paid a toll to Iran,” said Trump.
He added that the goal later could become “ALL BEING ALLOWED TO GO IN, ALL BEING ALLOWED TO GO OUT,” but he said that had not happened because Iran kept raising fears that mines might still be in the water.
Later, Trump said Iran had promised to open the Strait of Hormuz and then failed to do it, which apparently caused anxiety, disruption, and pain across many countries. He also said Iran claimed mines had been placed in the water even though, according to him, its naval force and many of the units used to drop mines had already been destroyed.
“They may have done so, but what ship owner would want to take the chance?” he said. He demanded that Iran move fast to reopen the waterway and said every law on the books was being broken.
Trump said the talks were held under the leadership of Field Marshal Asim Munir and Prime Minister Shehbaz Sharif of Pakistan.
Trump also claimed they kept thanking him for saving between 30 million and 50 million lives in what he described as a possible war with India. The meeting with Iran, he said, began early in the morning and ran through the night, lasting close to 20 hours.
“IRAN IS UNWILLING TO GIVE UP ITS NUCLEAR AMBITIONS!” he said. He named Iran’s representatives as Mohammad-Bagher Ghalibaf, Abbas Araghchi, and Ali Bagheri, and wrongfully claimed that his own envoys had developed a respectful relationship with them during the long talks, but he said that meant nothing.
Meanwhile, Google search interest for “price of oil” jumped to its highest point in records going back to 2004. That level was reported to be 300% above the peaks seen during both the 2022 Russia-Ukraine war and the 2008 financial crisis. It was also 235% above the 2020 pandemic spike, when oil briefly traded below zero.
Searches for “Strait of Hormuz” also hit a record high, rising 300% above June 2025, when the 12-Day War between Israel and Iran had already pushed fears of a closure.
Even with that fear, shipping data showed that three supertankers loaded with crude passed through the strait during the fragile truce between the United States and Iran.
The vessels were the Liberia-flagged VLCC Serifos and the China-flagged VLCCs Cospearl Lake and He Rong Hai. Data from the London Stock Exchange Group showed they exited the Hormuz Passage trial anchorage on Saturday, using a route that bypasses Iran’s Larak Island. Each of those tankers can carry 2 million barrels of oil.
The Serifos was chartered by the Thai state energy firm PTT, according to LSEG and Kpler data. It was also among seven vessels for which Malaysia sought Iranian clearance to pass through the strait, according to two people cited by Reuters.
The ship was carrying crude loaded from Saudi Arabia and the United Arab Emirates in early March, and it is expected to reach Malacca Port in Malaysia on April 21.
On the Iranian side, Press TV said the talks failed because of what it called excessive U.S. demands, with both the strait and Iran’s nuclear program remaining central points of dispute.
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