President Donald Trump announced on June 10 that the US military executed a secret operation in May, escorting over 200 commercial ships carrying 100 million barrels of oil through the Strait of Hormuz. This maneuver aims to dismantle Iran’s stranglehold on the critical waterway, which handles roughly 20% of global oil production.
Iran had asserted dominance over the strait following US and Israeli strikes in late February 2026, causing vessel transits to plummet to just 191 ships in April. While Trump previously suspended a public initiative known as Project Freedom, this newly disclosed covert effort appears distinct. Shipping analytics firms Kpler and LSEG have noted an uptick in tanker activity, including Chinese-flagged vessels operating with transponders off to evade detection.
The geopolitical tension has directly influenced financial markets. Oil prices surged past $100 per barrel in April 2026 amid the supply squeeze. Concurrently, Bitcoin dropped toward $70,000 due to risk-off sentiment, only rebounding to $74,000 as de-escalation signals emerged. Analysts warn that dark tanker traffic increases escalation risks. For investors, the correlation remains clear: Brent crude above $100 pressures Bitcoin below $75,000, while a retreat in oil prices could provide macro tailwinds for crypto assets.