Trump plans to impose a 20% transit fee on the Strait of Hormuz, which escalates the conflict. Brent crude oil soared by more than 9% in a single day, the largest increase in 2020, and the NACHO trading strategy returned. The legality of the charging plan is questionable but it sends a signal of heightened risks. Oil prices of US$80-85 have become the core range of the long-short game. In the long term, Gulf countries have accelerated the construction of pipelines around the strait. By the end of 2027, more than 45% of their oil exports will be able to bypass the strait.