What changedUS President Donald Trump insists on US control over the Strait of Hormuz, while Iran remains resolute in its resistance.Current stateThe Strait of Hormuz has seen a significant drop in shipping traffic, with the US and Iran exchanging opposing claims over control of the waterway. President Trump's statement comes as tensions between the two nations escalate, with Iran pledging to continue its resistance until its demands are met. The situation remains volatile, with the Strait's closure affecting global oil supplies and trade.Why it mattersThe dispute over the Strait of Hormuz has significant implications for global oil prices and trade, with the US and Iran's opposing claims threatening to further escalate tensions in the region.