The Passage of Oil and the Price of Oil

From last night’s speech:

The United States imports almost no oil through the Hormuz Strait and won’t be taking any in the future. We don’t need it. We haven’t needed it, and we don’t need it.

We’ve beaten and completely decimated Iran. They are decimated both militarily and economically and in every other way. And the countries of the world that do receive oil through the Hormuz Strait must take care of that passage. They must cherish it. They must grab it and cherish it. They can do it easily. We will be helpful, but they should take the lead in protecting the oil that they so desperately depend on.

Okay, but . . . oil prices are set in a global market, and so a closed strait hurts the U.S. economy pretty badly, too. The president knows that, right?