Trump said the US is building a record number of oil pipelines to reduce reliance on the Strait of Hormuz, and that the strait’s strategic importance will decline as alternative supply routes emerge and US control of the area strengthens. He added that prior forecasts of oil surging to $350 per barrel have not materialized; prices remain around $84–85/bbl.

2026-08-20

Trump said the US is building a record number of oil pipelines to reduce reliance on the Strait of Hormuz, and that the strait’s strategic importance will decline as alternative supply routes emerge and US control of the area strengthens. He added that prior forecasts of oil surging to $350 per barrel have not materialized; prices remain around $84–85/bbl.