Trump says war could be brief but warns Iran against choking Strait of Hormuz. Oil markets jittery as nearly a fifth of world’s supply sails through Gulf corridor
3D render of a topographic map of the Strait of Hormuz, Persian Gulf. Pic/ISTOCK
Markets, militaries, and diplomats across the world are closely watching the escalating US-Israel war with Iran, even as US President Donald Trump suggested the conflict could be brief while warning of a massive retaliation if Iran disrupts global oil supplies through the critical Strait of Hormuz.
Donald Trump
The war, which began on February 28 and has already triggered heavy strikes on Iranian military and energy infrastructure, has pushed oil prices close to $120 per barrel before easing as investors weighed the possibility of a shorter conflict. The situation intensified after Iran appointed Mojtaba Khamenei as the country’s new supreme leader.
Why the world is watching
>> Approximately 1 in 5 barrels of global oil passes through the Strait of Hormuz
>> Tanker traffic through the route has slowed sharply
>> Missiles and drones have targeted oil and gas infrastructure across the Gulf
>> International businesses and expatriates are fleeing regional hubs
Ali Mohammad Naini, Revolutionary Guard spokesperson
Markets react: Oil and stocks swing
Market movement Impact
Oil prices Surged near $120 then fell toward $90
US stocks Rebounded on hopes of shorter war
Shipping risk Rising insurance and tanker disruptions
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