According to CoinMeta, as Trump announced the initiation of an economic war against Iran, traffic through the Strait of Hormuz nearly came to a standstill, and the price of Brent crude oil approached $100 per barrel. Trump threatened to impose severe sanctions on countries that trade with Iran, with China's imports being directly affected. Meanwhile, the Iraqi government plans to increase oil production to 8 to 10 million barrels per day within the next six years and seeks to expand OPEC quotas. The United States currently receives over 500,000 barrels of Venezuelan crude oil per day, and the Iraqi government has approved the sale of crude oil through multiple export channels in order to reduce its dependence on the Strait of Hormuz.