Trump Seeks Coalition to Reopen Strait of Hormuz Amid Rising Oil Prices

Global Oil Prices Reach New Heights as Strait of Hormuz Remains Closed

The price of Brent crude oil surged on Sunday, reaching a record high of $106 per barrel, before easing slightly early Monday morning. The increase was attributed to the ongoing closure of the Strait of Hormuz, a critical waterway that transports approximately one-fifth of the world’s oil supply.

As of 02:00 GMT, Brent crude stood at $104.15 per barrel, up 1 percent from the previous day. US President Donald Trump has called on other countries to assist in reopening the strait, which has been effectively closed since Iran brought shipping to a standstill in retaliation for US and Israeli strikes.

Trump’s proposal has received a muted response, with none of the countries he mentioned publicly committing to deploying their navy to the strait. The International Energy Agency has described the disruption as the largest in history, resulting in a 40 percent increase in global oil prices since the start of the conflict.

According to the UKMTO centre, only five ships have passed through the strait each day since the war began on February 28, compared to an average of 138 daily transits. At least 16 commercial vessels have been attacked in the region since the conflict started.

The Trump administration has stated that it is willing to deploy US Navy warships to escort commercial shipping through the strait if necessary. Officials have indicated that such operations will begin once Tehran’s military capacity has been further degraded, but no specific timeline has been provided.

Source: Al Jazeera