Trump claims Strait of Hormuz as US territory amid tanker attacks.

Trump’s claim to declare the Strait of Hormuz US territory sharpens an existing energy choke point that already lifts oil above 88 dollars a barrel. Higher sustained crude prices tighten dollar liquidity further without any offsetting Fed move, leaving yields anchored near 4.7 percent on the 10-year while exchange inflows of several hundred BTC signal steady distribution pressure on Bitcoin. The market prices this friction entirely in fiat channels, offering no automatic bid to the asset as a neutral layer. Consensus treats the episode as contained geopolitical noise rather than a durable supply shock, yet that view ignores the absence of any resolution mechanism short of direct confrontation or explicit US-Iran de-escalation. How long can energy costs keep climbing before the resulting inflation forces a policy response that the current restrictive stance has ruled out?