Iran insists Strait of Hormuz is open
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By Bo Erickson, Alexander Cornwell and Parisa Hafezi WASHINGTON/TEL AVIV/DUBAI, March 16 (Reuters) - Several U.S. allies rebuffed Donald Trump's call on Monday to send warships to escort tankers through the Strait of Hormuz,
Iranian drone attacks temporarily shut Dubai airport and hit a key oil facility in the UAE. Read more at straitstimes.com. Read more at straitstimes.com.
BEIRUT, Lebanon (AP) — Fears of a global energy crisis rose Monday as the war in the Middle East raged on, with more U.S.-Israeli strikes on the Iranian capital and Israel’s bombardment of Lebanon. An Iranian drone strike temporarily shut Dubai’s airport, a crucial global travel hub, underscoring the threats to the world economy.
Iran's threat to close the Strait of Hormuz has halted shipments, raised oil prices and increased risks of global supply delays.
EU foreign ministers decided against expanding their naval operations around the Strait of Hormuz, even as President Donald Trump criticized allies who rebuffed his demands for assistance in reopening the critical waterway.
The Strait of Hormuz is the narrow mouth of the Persian Gulf through which about a fifth of the world's oil passes.
The Islamic Republic has vowed to block the region’s oil exports, saying it would not allow “even a single liter” to be shipped to its enemies.
Gas prices are climbing as the Iran war essentially shuts down shipping through the Strait of Hormuz, a narrow passage off Iran’s coast that serves as a key route for oil and gas from the Persian Gulf.