Iran Strikes Gulf Oil Hub as Allies Resist Trump Hormuz Plan

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Iran struck new targets across the Persian Gulf, hitting a key United Arab Emirates oil hub as US allies balked at President Donald Trump’s demands to help secure the Strait of Hormuz. Natasha Hall, associate fellow at Chatham House, said Trump has made conflicting statements about possible offramps to conclude the war with Iran, but the other outstanding question is what would come afterward. President Donald Trump reiterated his appeals for help from other nations to secure the Strait of Hormuz, saying that Iran was nearly obliterated even as the war keeps roiling oil markets and global shipping. “Numerous countries have told me they’re on the way — some are very enthusiastic about it, and some aren’t. Some are countries that we’ve helped for many, many years,” Trump told reporters Monday during a White House event. The president expressed his frustration with other nations, who have so far been publicly noncommittal on his calls to help ensure vessels can transit the strait. The vital waterway has been effectively closed since the start of the war, crunching global energy supply chains.  Trump called out NATO and others, claiming they had leaned on the US for “tens of billions of dollars” in protection, yet failed to act when asked. Trump’s remarks dovetail with a series of attacks in recent days that indicate neither side is letting up in the fighting that has upended the region. US crude traded down about 4% near $94 a barrel at 1:38 p.m. in New York after signs that supplies from emergency reserves will be available in coming weeks. Brent crude was down about 2% and trading near $101 a barrel after briefly dipping below $100. The effective closure of the Strait of Hormuz — a transit point for about a fifth of the world’s oil — has forced the likes of the United Arab Emirates and Kuwait to reduce oil output further. Still, a trickle of vessels is beginning to find a way through the waterway. “We’re hammering their capacity to threaten commercial shipping in the Strait of Hormuz with more than 30 mine-laying ships destroyed,” Trump said Monday. He added US officials weren’t certain whether Iran has actually laid mines in the strait but said it would be “a form of suicide” if they did.  He said more than 7,000 targets have been struck and that Iran’s “anti-aircraft is decimated, their radar is gone and their leaders are gone. Other than that, they’re doing quite well.” Trump threatened to expand strikes on Kharg Island to target oil infrastructure. The island is Iran’s main export hub and was hit by the US in recent days. “We can do that on five minutes’ notice. It’ll be over,” Trump said Monday. As the war entered its 17th day, Iran struck new targets across the Persian Gulf, hitting a key UAE oil hub. The UAE oil-export terminal of Fujairah suspended loadings temporarily after a drone strike on Monday — the second attack in as many days. Dubai also briefly halted flights at its main airport and said some Emirates departures would be canceled because of a fire at a fuel tank that it said was caused by an Iranian drone. Israel carried out more airstrikes on infrastructure in the Islamic Republic’s capital, Tehran. Surging oil prices since the start of the war — up more than 40% in the past two weeks — have in turn pressured US gas-pump prices, a critical pain point for consumers. The average cost of a gallon of gas has risen each day since the conflict began, according to American Automobile Association data.  Underscoring the domestic pressure on Trump, administration officials on Sunday asked Americans for patience as global oil prices rise. Trump has called on world powers — including France, the UK, Japan and China — to help the US reopen the strait by sending warships to provide escorts to commercial vessels.  “We strongly encourage other nations to get involved with us and get involved quickly and with great enthusiasm,” Trump said Monday. He added that Secretary of State Marco Rubio would announce countries that would help the US with that effort, saying some of the nations involved would be “fairly local.” -------- Watch Bloomberg Radio LIVE on YouTube Weekdays 7am-6pm ET WATCH HERE: http://bit.ly/3vTiACF Follow us on X: https://twitter.com/BloombergRadio Subscribe to our Podcasts: Bloomberg Daybreak: http://bit.ly/3DWYoAN Bloomberg Surveillance: http://bit.ly/3OPtReI Bloomberg Intelligence: http://bit.ly/3YrBfOi Balance of Power: http://bit.ly/3OO8eLC Bloomberg Businessweek: http://bit.ly/3IPl60i Listen on Apple CarPlay and Android Auto with the Bloomberg Business app: Apple CarPlay: https://apple.co/486mghI Android Auto: https://bit.ly/49benZy Visit our YouTube channels: Bloomberg Podcasts: https://www.youtube.com/bloombergpodcasts Bloomberg Television: https://www.youtube.com/@markets Bloomberg Originals: https://www.youtube.com/bloomberg Quicktake: https://www.youtube.com/@BloombergQuicktake