Trump was furious after Iran's report of laying mines in the Strait of Hormuz.

LootboxPhobia · 2026-03-10T20:30:43+00:00

Crude oil prices rebounded on Tuesday due to Iran's mine-laying in the Strait of Hormuz. Reports indicate that Iran has deployed dozens of mines in the waterway and is controlling passage through the strait. The U.S. Navy has not yet intervened, and Trump warned Iran that failing to clear the mines would result in serious consequences.

LootboxPhobia

2026-03-10 20:30:43

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Investing.com - On Tuesday, crude oil prices reversed higher after CNN reported that Iran has begun laying mines in the Strait of Hormuz, a waterway that carries about one-fifth of the world’s oil shipments.

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According to two sources familiar with U.S. intelligence reports, Iran recently deployed dozens of mines in this strategic waterway. One source stated that the country still retains 80% to 90% of its small boats and mine-laying vessels, indicating that its forces could potentially deploy hundreds of mines in the strait.

CNN reports that the Islamic Revolutionary Guard Corps (IRGC) currently controls the strait effectively alongside Iran’s traditional navy, with the capability to deploy dispersed minelaying boats, vessels loaded with explosives, and shore-based missile batteries.

The IRGC previously warned that any ships passing through the strait would be attacked. Since the start of the conflict, the channel has effectively been closed, and due to the risks involved in transiting, sources described the state of the strait to CNN as a “death valley.”

U.S. officials on Tuesday stated that the U.S. Navy has not escorted any ships through the strait, although President Donald Trump said on Monday that his administration is exploring options.

As a result of this news, crude oil prices rose, and major stock indices declined during trading hours.

President Trump wrote on Truth Social: “If Iran has laid any mines in the Strait of Hormuz, although we have not received any reports of such actions so far, we demand their immediate removal! If mines are laid for any reason and not removed immediately, Iran will face unprecedented military consequences. On the other hand, if they have already removed any mines they may have laid, that would be a major step in the right direction!”

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