President Donald Trump has threatened to block off the Strait of Hormuz, a crucial waterway Iran has been blocking. This decision has caused severe economic damage to countries that rely on Middle Eastern crude, leading to increased oil prices globally. The US Navy has allowed Iranian tankers to pass through the region, and Iran has allowed its own oil to pass in and out of the region throughout the war. This could prevent the closure of the strait, cutting off a key source of financing for Iran's government and military operations. The administration has been reluctant to block out any oil flowing into the region to keep oil prices in check during its war against Iran. However, the decision to drop sanctions freed up a significant amount of crude, enough to satisfy global demand for around 140 million barrels, allowing Iran to sell oil that had been sitting on tankers.