Trump calls for help to reopen Strait of Hormuz
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Iran has declared the Strait of Hormuz closed and threatened to set fire to any ships that try to pass through as the widening war in Iran grinds tanker traffic through the crucial waterway to a halt. The Strait of Hormuz is the narrow mouth of the Persian Gulf through which about a fifth of the world's oil passes.
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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.
If reports are to be believed, Bab el-Mandeb, a critical choke point at the Red Sea amid a potential Strait of Hormuz shutdown, is at risk of closure, threatening another choke another vital artery.
GULF ATTACKS: Dubai International Airport, the world’s busiest, temporarily suspended flights after a drone attack sparked a fire nearby. New strikes were reported across the region as Iran retaliated, while intense attacks hit Tehran as the war launched by the U.S. and Israel entered its third week.
Iran's threat to close the Strait of Hormuz has halted shipments, raised oil prices and increased risks of global supply delays.
The Strait of Hormuz is the narrow mouth of the Persian Gulf through which about a fifth of the world's oil passes. Tankers traveling through the strait, which is bordered in the north by Iran, carry oil and gas from Saudi Arabia, Kuwait, Iraq, Qatar, Bahrain, the UAE and Iran. Most of that oil goes to Asia.
The Strait of Hormuz is the narrow mouth of the Persian Gulf through which about a fifth of the world's oil passes.
Asked if there were any tools the Trump administration would use to mitigate higher prices and impacts from the war outside of oil reserve releases, Bessent told CNBC "it will depend on the duration of the conflict.
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.