"The closure of the strait, which handles 20% of global oil and LNG, has already halved UAE production and reduced Iraqi output from 4.3 million to 1.2 million barrels per day."
"Trump criticised allies for hesitating to commit warships, arguing it exposed a "lack of reciprocity in defence agreements with the United States.""
"Iranian officials described the situation as a "high-risk opportunity," warning that the strait "cannot be as it was before," highlighting the growing volatility in global energy markets."
Brent crude oil surged to $102.69 per barrel while US West Texas Intermediate rose to $95.92 following escalating tensions in the Strait of Hormuz. President Trump called for an international naval coalition to escort tankers through the strategic waterway, which remains effectively closed after Iranian attacks. Key allies including European powers and South Korea refused to deploy warships, citing concerns about entanglement in the conflict. The strait closure, handling 20% of global oil and LNG, has severely impacted production in the UAE and Iraq. Iranian officials characterized the situation as a high-risk opportunity, warning fundamental changes are necessary. Oil analysts warn prolonged disruption could drive prices significantly higher, creating global energy market concerns.
Read at London Business News | Londonlovesbusiness.com
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