Tensions in the Strait of Hormuz drive oil prices as US and Iran both claim control

Tensions are ongoing over the fate of the Strait of Hormuz with the United States and Iran both claiming control over the strategic waterway.

Ships were seen in the Strait on Saturday, as the Trump administration continues to actively assert that the US Navy is in control of the passage, where about 20% of the world’s traded oil passed before the war.

United States President Donald Trump and his aides insisted a near prewar level of…