Trying to downplay the impact of this incident Strait of Hormuz Imposing an embargo due to rising U.S. natural gas prices, Trump claimed in an address to the nation on Wednesday that the U.S. imports “virtually no oil through the Strait.”
Trump’s claims have sparked controversy as the Strait of Hormuz has been a major point of contention in Trump’s quest for help. NATO Allies demanded security in the strait and then refused, fearing escalation, and threatened to withdraw from the alliance.
But in a speech on Wednesday, the 79-year-old made a U-turn and downplayed the importance of the Strait of Hormuz to U.S. oil imports. Trump declared: “The United States imports almost no oil through the Strait of Hormuz and will not import any oil in the future.”
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How much oil does the United States import through Hormuz?
Data from the U.S. Energy Information Administration (EIA) shows that Trump is wrong. The United States imports large quantities of crude oil from the following countries persian gulf Countries passing through the Strait of Hormuz.
The latest data released by EIA for 2024 shows that the United States will import at least 500,000 barrels of crude oil per day. After 2024, U.S. crude oil imports through the Strait of Hormuz are only available for the first quarter of 2025. Data showed imports through the strait fell slightly to 400,000 barrels per day.
In fact, the amount of crude oil imported through the Strait of Hormuz has dropped significantly since 2022. According to EIA data, in 2022, the United States imported 700,000 barrels of crude oil through the Strait, while in 2023 the number was the same as in 2024, at 500,000 barrels per day.
Contrary to Trump’s claims, 500,000 barrels per day is equivalent to 7% of total annual U.S. crude oil imports and 2% of total liquid petroleum imports.
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Trump’s speech pushes oil prices higher
Crucially, Trump did not mention the deadline he had set for Iran to reopen the Strait of Hormuz. On March 22, he issued a 48-hour ultimatum to Iran, forcing it to open the Strait of Hormuz. But Trump has avoided mentioning the same thing since the deadline expired, a trend that has continued into his highly anticipated prime-time address.
With no clear indication of when the Strait of Hormuz would open, oil prices surged immediately after Trump’s speech. Brent crude rose 5% to $106.22 a barrel after Trump’s remarks, while U.S. benchmark crude rose 4.2% to $104.36 a barrel.
