Oil prices rose more than 2% on Tuesday, as doubts grow that President Donald Trump will organize a meaningful coalition to escort tankers through the Strait of Hormuz.
Brent prices, the international benchmark, gained 3.2%, or $3.21, to close at $103.42 per barrel. U.S. oil prices rose 2.9%, or $2.71, to settle at $96.21 per barrel.
Trump said in a social media post that NATO allies do not want to participate in the U.S. war against Iran. The president said the U.S. does not need the help of its allies.
Oil prices year-to-date
The U.S. has been urging allies to send military forces to protect tanker traffic through the strait. Ship movements through the vital shipping route have plunged after Iranian attacks, fueling one of the largest disruptions to global oil supply in history.
“The sheer scale of the oil supply disruption makes it difficult for the market to find an adequate solution,” said Warren Patterson, head of commodities strategy at ING.
“While the U.S. administration has touted the idea of insurance guarantees and naval escorts, neither has materialized yet,” Patterson noted.
He added that escorting commercial vessels through the Strait of Hormuz would leave naval ships vulnerable to attack, so the U.S. may hold off from such action until it feels that Iran’s ability to launch attacks on vessels has been eroded.
Located between Oman and Iran, the strait functions as a vital artery for the global oil trade. Roughly 13 million barrels per day passed through it in 2025, representing about 31% of all seaborne crude flows, according to energy consulting firm Kpler.
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2026-03-17 14:44:24
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