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Summary
- US puts pressure on allies to help open Strait of Hormuz
- Benchmark oil price touches four-year high
- Trump reported to be weighing new strikes, long blockade
- Iran weighing possible deal, says Pakistani source
(Reuters) – The United States is pressing ahead with plans for an international coalition to open the Strait of Hormuz, according to a State Department cable seen by Reuters, as oil prices surge on fears of lengthy disruptions to global fuel supplies.
Two months into the war that started with U.S.-Israeli strikes on Iran, the vital sea channel remains closed, choking off 20% of the world’s supplies of oil and gas. That has sent global energy prices surging and heightened concerns about the risks of an economic downturn.
Efforts to resolve the conflict have hit an impasse, with a ceasefire in place since April 8 but Iran still blocking the strait in response to a U.S. naval blockade of Iran’s oil exports, the country’s economic lifeline.
U.S. President Donald Trump is slated to receive a briefing on Thursday on plans for a series of fresh military strikes on Iran in hopes of making Iran more flexible on nuclear issues in negotiations, Axios news site reported late on Wednesday.
That spurred big gains in oil prices, with the benchmark Brent crude contract hitting more than $126 a barrel at one point, its highest level since March 2022 after Russia’s invasion of Ukraine.
MEDIATOR PAKISTAN SEEKS TO AVOID ESCALATION
Brent prices have doubled since the U.S.-Israeli attack on Iran began on February 28, fuelling inflation and sending pump prices to politically painful levels worldwide.
Tehran warned on Wednesday of “unprecedented military action” against continued U.S. blockading of Iran-linked vessels, which, together with the possibility of further U.S. military strikes, signalled there could be more Middle East oil supply disruptions from a conflict that has killed thousands.
Another plan to be shared with Trump involves taking over part of the Strait of Hormuz to reopen it to commercial shipping, the Axios report added, saying such an operation may involve ground forces.
In a sign the U.S. was also envisaging a scenario where hostilities cease, the State Department cable invited partner countries to join a new coalition called Maritime Freedom Construct (MFC) to enable ships to navigate the strait.
“The MFC constitutes a critical first step in the establishment of a post-conflict maritime security architecture for the Middle East,” said the cable, which was due to be delivered orally to partner nations by May 1.
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