Trump's Strait of Hormuz Claim Sparks Fears of Escalating Conflict with Iran
US President Donald Trump's statement on Saturday that he plans to declare the Strait of Hormuz a US territory has sparked concerns about the ongoing conflict between the US and Iran. The Strait of Hormuz is a critical waterway for global oil supplies, and its closure could lead to significant economic disruptions.
The conflict between the two nations began in February, when the US launched airstrikes against Iranian targets. Since then, tensions have remained high, with both sides engaging in a series of skirmishes and attacks.
Trump's statement on Saturday was seen as an escalation of the conflict, and market participants are closely watching developments for any signs of further instability. Gold prices rose on Monday as investors sought safe-haven assets amidst the ongoing uncertainty.