Commodities
US Seeks International Coalition to Reopen Strait of Hormuz Amid Crude Price Surge
The US is pressing its allies to join an international coalition to reopen the Strait of Hormuz, which has been closed since the war began in February. The strait, a critical sea channel for oil and gas exports, accounts for 20% of global supplies.
Brent crude prices have surged to their highest level since March 2022, reaching over $126 per barrel on fears of continued disruptions to fuel supplies. The US is reportedly considering new military strikes on Iran in an effort to make it more flexible on nuclear issues.
Pakistan is mediating between the US and Iran, aiming to avoid further escalation of the conflict, which has killed thousands and sent oil prices soaring.