HORMUZ GUARDIAN TOLL — TRUMP ASSERTS NAVAL CONTROL, CRUDE BACK ABOVE $80.

Naval blockade reinstated on Iranian shipping. Strait of Hormuz effectively under US-Guardian toll. Crude prints $80+ within hours. The gasoline lever that flattered June CPI could reverse fast. The energy-inflation input the Fed can't rate-cut away just came back online. Warsh's testimony this week now happens under a fresh oil premium.