Trump Reaffirms 'Incredible' Hormuz Blockade as Iran Warns $140 Oil, Physical Crude Nears $130

President Trump hailed the U.S. naval blockade of the Strait of Hormuz as 'incredible' despite U.S. gasoline prices hitting all-time highs, with physical crude near $130/bbl versus $110 Brent futures and Iran warning of $140 spikes. Tensions escalated from Trump's March 3 tanker insurance and escort orders amid oil surges to $119/bbl by March 10, to the April 13 blockade spiking Brent over $102/bbl and physical Dated Brent to $132.74 against $99 futures. Interventions including 172M U.S. SPR barrels, 400M IEA releases, and Jones Act waiver failed to ease tightness, compounded by Permian gas at -$9.56/MMBtu curbing drilling.