Oil prices keep rising as Trump seeks coalition to reopen Strait of Hormuz | US-Israel war on Iran News
Oil Prices Surge Amid Continued Closure of Strait of Hormuz
Oil prices surged on Sunday as markets grappled with the ongoing disruption of traffic through the Strait of Hormuz, a vital artery for global oil transport. Brent crude, a key benchmark for oil prices, increased by as much as 3 percent, surpassing $106 a barrel before experiencing a slight decline early Monday. As of 02:00 GMT, Brent traded at $104.15, reflecting a 1 percent gain.
The rise in oil prices follows a call from U.S. President Donald Trump for international support to reopen the Strait of Hormuz, which typically carries about 20 percent of the world’s oil supply. Despite Trump’s appeal to allies including China, Japan, France, and the United Kingdom, there has been little public commitment from these nations to enhance naval presence in the region.
In remarks made to The Financial Times, Trump warned of a precarious future for NATO should his request elicit no response, or a negative one, from other nations. The situation in the Strait has deteriorated dramatically due to Iranian actions that have effectively halted shipping, a retaliatory measure in response to U.S. and Israeli military strikes on Iran. The International Energy Agency has labeled this disruption as the largest of its kind in history.
Since the onset of the conflict on February 28, global oil prices have soared more than 40 percent, leading to increased fuel costs and escalating concerns about a potential global economic slowdown. According to the United Kingdom Maritime Trade Operations (UKMTO), shipping through the Strait has been severely limited, with an average of just five transits per day compared to the historical norm of 138.
At least 16 commercial vessels have reportedly been attacked in the region since the conflict began. Trump has expressed a willingness to deploy the U.S. Navy to escort commercial shipping through the Strait, which is bordered by Iran, Oman, and the United Arab Emirates. However, Trump administration officials indicated that military deployments will be contingent upon degrading Iran’s military capabilities, with operations expected to commence soon.
