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'We Don't Need the Hormuz Strait': Trump Claims US and Venezuela Now Control 62% of World's Oil Market

International Business Times UK — July 22, 2026 at 10:33 PM UTC

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'We Don't Need the Hormuz Strait': Trump Claims US and Venezuela Now Control 62% of World's Oil Market

President Trump declares U.S. independence from the Strait of Hormuz, citing control over 62% of the world's oil market with Venezuela. Tensions rise as U.S. military actions continue against Iran.