Trump says securing Strait of Hormuz is 'not for us'
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Trump said Iran gave him the "present" of letting eight oil tankers through the Strait of Hormuz, but the majority of ships making the passage are Iranian, including
The interconnectedness of global energy markets means that the effects of Iran’s blockade of the waterway are not limited to countries directly dependent on oil from the Middle East.
Meeting comes after Trump criticised allies and indicated reopening the strait may not be a priority for US in Iran war
"The Strait of Hormuz and the surrounding waters are an important route for global trade and energy supplies. China calls for an immediate ceasefire, an end to the fighting and restoration of peace and stability in the Gulf Region," Chinese foreign ministry spokesperson Mao Ning told reporters regarding reports of the vessels' passage.
Across southern Iraq, the closure of the Strait of Hormuz has prompted oil fields to scale back production and focus on domestic needs, while oil prices around the globe have risen. Basra’s Zubair oil field, once producing around 400,000 barrels per day, has seen output drop to roughly 250,000, officials said.
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Iran has established a de facto safe shipping corridor in the north of the Strait of Hormuz to select ships, as Tehran sought to monetize its grip over the waterway.
Bob McNally, president of Rapidan Energy Group, said that if the United States walks away from the Strait of Hormuz and leaves Iran in charge, there could be a relief selloff in oil prices. But it would not be a permanent one. “It doesn’t end the crisis,” McNally said.
Washington’s Asian allies have shown little interest in supporting the U.S. war effort, even at the level of rhetoric.