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The grim choice facing the Trump administration: Economic or naval collapse?
The Trump administration is currently trapped between the specter of a global economic recession and a naval catastrophe.
As the conflict with Iran intensifies, the world’s energy arteries are constricting to a point of “nonlinearity,†where every day the Strait of Hormuz remains closed doesn’t just double the economic pain — it multiplies it exponentially.
So, the Trump administration is working to resolve the oil crisis on several fronts: It’s scrambling to organize a complex military operation to restart the flow of oil tankers through the strait while determining ways to alleviate prices by taking action in the markets. It also launched a PR campaign to assure the public that any pain at the pump is likely to be short term.
Iran War Cuts Off Oil Tanker Traffic, as Trump Promises Further Attacks: Live Updates
Pakistani warships were traveling alongside the country’s merchant vessels in the Middle East, and President Trump promised to retaliate if Iran continued attacking energy supplies.
Pakistani warships were escorting the country’s merchant vessels in the Middle East on Tuesday, as the conflict in Iran choked off oil tanker traffic and prompted President Trump to warn of even more aggressive U.S. action if Iranian leaders continue trying to cut off access to energy supplies.
Fighting has slowed ship traffic in the Strait of Hormuz, the conduit for about one-fifth of the world’s oil. Pakistan, which heavily relies on energy imports from the Gulf, said on Monday that it had sent warships to accompany merchant vessels to ensure its access to energy supplies.
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Oil prices decline after nearly hitting $120 as Trump says U.S. considering taking over Strait of Hormuz
Oil prices fell Monday in extended trading after President Donald Trump said he was considering seizing control of the Strait of Hormuz, the most important chokepoint in world for the crude market.
U.S. crude oil was down 6.19% to $85.27 per barrel at 3:37 p.m. ET. Global benchmark Brent traded 4.6% lower at $88.43 per barrel.
Trump told CBS News in a phone conversation that ships are moving through the Strait. The president said he is "thinking about taking it over." He also indicated he thought the war would soon be over.
Trump is also considering reducing oil sanctions on Russia to help ease crude prices, three sources familiar with the matter told Reuters.
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