The Trump administration's move to exert maximum pressure on Iran by blocking the Strait of Hormuz has prompted a strong response from Iran, which has threatened retaliation against all ports in the Gulf. The crude oil market is already experiencing tight spot supply, with some refineries even paying record premiums of up to $50 per barrel. The U.S. Central Command stated that the blockade will begin at 10:00 AM Eastern Time on Monday and will be "fairly enforced against all vessels traveling to and from Iranian ports and coastal areas, covering all Iranian ports in the Persian Gulf and the Gulf of Oman." JPMorgan analysts stated in a report: "Reopening the Strait of Hormuz has become the most time-sensitive priority for the market. The last oil tanker to pass through the strait on February 28 is expected to arrive at its destination around April 20, at which point pre-war inventories will be completely depleted from the global supply chain." Trump has long claimed that rising U.S. gasoline prices are only temporary. However, he admitted on Fox News' "Sunday Briefing" that high oil prices could persist until the midterm elections in November. (Jinshi)