President Donald Trump convened his national security team to discuss the escalating standoff with Iran, with the Strait of Hormuz blockade and potential military options dominating the agenda. Nine weeks into a conflict that has rattled global energy markets and strained alliances, the meeting signals that Washington is still searching for its playbook.
The gathering comes as Iran floated a proposal to reopen the strait, offering to lift its blockade in exchange for, among other things, the right to impose tolls on ships passing through the waterway. The US dismissed the toll plan as a non-starter.
The Strait that holds the world’s energy hostage
The Strait of Hormuz is the single most important chokepoint for global oil and liquefied natural gas supply, facilitating approximately one-fifth of global oil supplies and significant LNG shipments.
Iran’s Revolutionary Guard has maintained its blockade of the strait as a cornerstone of the country’s deterrence strategy, insisting on control of the waterway as key to its deterrence and dismissing suggestions of lifting the blockade.
Iran communicated its nuclear red lines and its reasoning for the blockade through written messages delivered via Pakistan.
During the security meeting, Trump discussed further military options, including the possibility of a strike on Iran. The US currently maintains air superiority in the region.
Allies are losing patience
German Chancellor Friedrich Merz has been among the most vocal critics, highlighting concerns about the absence of a cohesive US strategy toward Iran.
What this means for markets and crypto
Prolonged disruption to the Strait of Hormuz has historically been linked to oil price spikes and increased volatility across energy markets.
Analysts have noted that rising oil prices and escalating geopolitical tensions tend to drive greater interest in digital assets. Bitcoin and stablecoins are increasingly cited in this context, with the theory that a prolonged Iran crisis serves as another real-world test of whether digital assets can function as safe-haven instruments during geopolitical turmoil. In regions directly affected by conflict-related sanctions and banking disruptions, dollar-denominated stablecoins become functional financial infrastructure, allowing value transfer when traditional banking rails are compromised or restricted.
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