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President Donald Trump announced on June 10 that the US military quietly escorted more than 200 commercial ships carrying over 100 million barrels of oil through the Strait of Hormuz during a secret operation conducted in May. The claim, if verified, would represent one of the most significant American military logistics operations in recent memory, aimed squarely at breaking Iran’s stranglehold on the world’s most important oil chokepoint.
Roughly 20% of the world’s oil production flows through that narrow waterway between Iran and the Arabian Peninsula.
What we know, and what we don’t
Iran has maintained control over the Strait of Hormuz since asserting dominance following US and Israeli strikes on February 28, 2026. The blockade drastically curtailed commercial traffic. By April, vessel transits through the strait had fallen to approximately 191 ships for the entire month, a fraction of normal flow.
Trump had previously announced a naval escort initiative called “Project Freedom” in May, which was later suspended. The newly disclosed operation appears to be a separate, covert effort that ran concurrently or subsequently.
Shipping analytics firms including Kpler and LSEG have reported an uptick in tanker activity consistent with Trump’s claims. Some of those vessels were Chinese-flagged tankers operating with their transponders turned off, a tactic commonly used to avoid detection or sanctions tracking. The transponder blackouts make independent verification of the operation’s full scope difficult, and media observers have noted the lack of corroborating evidence for the specific numbers Trump cited.
Oil prices and the Bitcoin connection
Oil prices surged past $100 per barrel in April 2026 as the chokepoint disruption squeezed global supply.
When oil prices surged in April, BTC dropped toward $70,000, pressured by the same risk-off sentiment that gripped traditional markets. When de-escalation signals emerged, Bitcoin rebounded to around $74,000 as traders priced in the possibility of stabilizing energy markets.
What this means for crypto investors
The transponder-off tanker traffic adds risk. Vessels moving dark through contested waters increases the risk of a miscalculation or incident that could trigger a rapid escalation.
For traders watching the crypto-energy correlation, the key metric to monitor is Brent crude. The relationship between oil prices above $100 and Bitcoin weakness below $75,000 has been remarkably consistent in 2026. If oil retreats toward the $80-$90 range on improved Hormuz transit data, the same macro tailwinds that lifted BTC from its April lows could push it higher.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
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