Oil prices keep rising as Trump seeks coalition to reopen Strait of Hormuz
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Oil prices are surging, with Brent crude reaching over $106 a barrel on March 16, 2026, due to the effective closure of the Strait of Hormuz. Iran halted shipping in the strait in response to US and Israeli strikes, causing a major disruption to global energy supplies. US President Trump has called for international assistance to reopen the Strait, a critical waterway for about one-fifth of the world's oil supply, but has received a muted response from countries like China, Japan, France, and the UK. The disruption has significantly reduced daily ship transits and contributed to a 40% increase in global oil prices since the start of the war, raising concerns about a global economic slowdown.
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AI-ExtractedGlobal oil prices have risen more than 40 percent since the start of the war.
Trump said that NATO would face a “very bad” future if his proposal received “no response, or if it’s a negative response”.
Trump seeks coalition to reopen Strait of Hormuz.
Brent crude tops $106 a barrel as markets see no end in sight to the halt of traffic through the critical waterway.
Iran has brought shipping in the strait to a standstill in retaliation for the US and Israel’s strikes.
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