US seeks help to reopen Hormuz - Crude oil prices continue to rise
The US is pressing other countries to form an international coalition to restore freedom of navigation in the Strait of Hormuz, as oil prices rose to their highest in more than four years on fears of long-term disruptions to global fuel supplies.
Two months after the start of the war that began with US-Israeli attacks on Iran, the vital sea channel remains closed, blocking 20% of the world's oil and gas supplies. This has caused global energy prices to rise and affected the global economy.
With talks deadlocked, US President Donald Trump is expected to receive a briefing on plans for a series of new military strikes on Iran in hopes of getting back into negotiations, according to a report by Axios.
That prompted huge increases in oil prices, with the benchmark Brent crude contract at one point exceeding $125 a barrel. Since the start of the year, Brent oil prices have more than doubled, rising on Thursday to their highest level since March 2022, fueling inflation.
Iran has vowed to continue to cut off traffic through the Strait as long as it is threatened, which could mean more disruptions to oil supplies in the Middle East.
Tehran warned of "unprecedented military action" against the ongoing US blockade of Iran-linked ships. Trump has said Iran cannot have a nuclear weapon, while Tehran says its nuclear ambitions are peaceful.
"Trump held talks with oil company executives and discussed the steps he has taken to ease global markets and the moves we could take to continue the current blockade for months if necessary and minimize the impact on American consumers," a White House official said.
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