Oil prices rose past $100 per barrel on Monday amid fluctuating stocks as the Middle East conflict entered its third week, as diplomats attempt to ensure safe passage for tankers through the Strait of Hormuz.
The price of crude oil surged after United States President Donald Trump disclosed military strikes on Kharg Island, a stretch of land in the Gulf responsible for handling almost all of Iran’s oil exports.
According to Trump, attacks could expand to energy infrastructure if the Islamic Republic interferes with transit through Hormuz.
The Strait of Hormuz has been closed since the US-Israeli offensive began on February 28.
A report from Iran’s Fars news agency says no oil infrastructure was damaged in the strikes.
Trump called on other nations to send warships to keep the waterway open, but offered no specifics or commitments from the US side, adding that he hoped China, France, Japan, South Korea, and the UK would be involved.
“The Countries of the World that receive Oil through the Hormuz Strait must take care of that passage, and we will help — A LOT!
“This should have always been a team effort, and now it will be,” Trump penned on Truth Social
