Oil soars 3.2% as Trump swears the US is 'taking over' the Strait of Hormuz. Protect your riches before the shock hits

President Donald Trump says the United States is "taking over" the Strait of Hormuz as tensions with Iran threaten one of the world's most important energy routes yet again.

During an interview with Fox News (1), Trump was asked about reports that Iran was attempting to take control of the narrow waterway.

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"Well, we're taking over the Strait," Trump responded. "They have nothing. They've got nothing."

Trump did not explain precisely what "taking over" would entail or announce a new military operation.

The Strait of Hormuz connects the Persian Gulf with the Gulf of Oman and the Arabian Sea. During the first half of 2025, approximately 20.9 million barrels of oil passed through it each day, according to the U.S. Energy Information Administration (2). That was equivalent to roughly 20% of global petroleum liquids consumption and one-quarter of all oil traded by sea.

A return to traffic interruptions through the Strait could restrict global energy supplies even further, raise fuel prices and add to inflationary pressures. All of which the U.S. — and the world — have struggled with following the start of the war in February.

Oil prices rose (3) following the latest fighting between the U.S. and Iran, with Brent crude climbing 3.2% to $78.46 per barrel in mid-July. The S&P 500 and Nasdaq also slipped as investors weighed the potential economic fallout, although the losses remained relatively contained — 0.2% and 0.7%, respectively, according to AP News.

This turmoil illustrates to investors why relying too heavily on a single market or investment type can leave a portfolio exposed when geopolitical tensions suddenly escalate.

Given these potential risks to traditional portfolios, many investors are proactively seeking assets that can help maintain stability during periods of heightened global tension.

Gold is often described as a safe-haven asset because some investors turn to it during periods of war, political instability or concern about the value of paper currencies.

Gold prices recently pulled back (4) even as U.S.-Iran tensions intensified, creating a new opportunity for investors to buy this asset at a lower price.

However, that does not undermine gold's potential role in a diversified portfolio. Gold's real strength lies in the long term, as investors typically hold it as a store of value and a potential hedge against currency depreciation, inflation or instability.

As tensions in the Strait of Hormuz create uncertainty for the global economy, you may be looking for ways to fortify your retirement savings. If you're curious about adding precious metals to your broader inflation-hedging strategy, a gold IRA from Goldco lets you hold physical gold and other metals while still getting the tax advantages of an IRA.

With a minimum purchase of $10,000, Goldco offers free shipping and access to a library of retirement resources. Plus, the company will match up to 10% of qualified purchases in free silver .