Read more Strait of Hormuz Update: US Blockade Holds as Renewed Fighting Sends Oil Prices Surging Sharply This Week Strait of Hormuz Update: US Blockade Holds as Renewed Fighting Sends Oil Prices Surging Sharply This WeekTrump made the comments in an interview with Fox News, insisting the strait would open "very soon" or face serious consequences. Oil Prices Continue to SlideThe price of Brent crude, the global benchmark for oil, fell by almost 5% on Tuesday to under $80 a barrel on news that supply disruptions in the region could soon ease. U.S. Central Command said separately that the southern route through the Strait of Hormuz remains free and open for commercial vessels seeking to transit the waterway. A Fragile and Dangerous WaterwayThe Strait of Hormuz has remained the central flashpoint in the broader conflict between the U.S. and Iran. The elevated price environment has translated into substantial profits for major oil companies, including BP, Shell, Chevron and Exxon Mobil.