U.S. President Trump has announced plans to deliver a national address on Thursday at 9:00 P.M. ET. The announcement was made by Trump directly on Truth Social, his social media platform.

Announcement Details

The post on Truth Social confirmed the scheduled speech but did not include any additional details regarding the topic or agenda of the address. No further information was provided alongside the announcement.

U.S. forces will resume the blockade against Iran effective July 14, a move confirmed by U.S. Central Command (CENTCOM) via an official communication. The decision to reinstate the blockade follows a period of heightened military engagement and recent attacks on commercial vessels in the region. This action marks a significant escalation in the U.S. response to what it deems threats to international shipping lanes in the Strait of Hormuz.

Diplomatic and Strategic Context

President Trump declared the ceasefire "over" during the NATO summit in Ankara and warned he may abandon diplomacy, suggesting, "let's just finish the job." While the administration keeps the door open for dialogue, a U.S. official clarified that Iran's attacks on commercial vessels in the Strait of Hormuz constitute "acts of terrorism." The 60-day ceasefire signed last month was performance-based, and recent escalations have tested its limits. Trump's latest comments, including the reinstatement of the blockade, reinforce the U.S. stance on maintaining control over the strategic waterway.

Geopolitical Tensions and Military Response

The latest escalation involved attacks on three commercial vessels, prompting U.S. forces to carry out renewed strikes against Iranian targets. U.S. Central Command (CENTCOM) stated that subsequent strikes targeted Iran in response to "unjustified aggression" against commercial shipping and civilian crews. CENTCOM rejected Iran's assertion of control over the Strait of Hormuz, noting that U.S. forces had facilitated the transit of more than 800 commercial vessels and 380 million barrels of crude oil through the waterway since early May. Concurrently, the Treasury Department withdrew a waiver that had allowed Iranian oil sales.

Congressional Response and Market Impact

Efforts to require congressional approval for continued U.S. military involvement fell short after the Senate declined to rebuke the administration in a 50-47-1 vote. The White House has sought $87.6 billion in supplemental spending, including $21 billion for the Defense Department. In the markets, oil prices have shown signs of stabilization after an initial surge. West Texas Intermediate (WTI) crude had previously risen 7.4% to around $75.69 a barrel, but trading levels have since moderated.

The following table summarizes the latest market levels for key energy instruments: