Latest developments in Iran conflict: Trump requests assistance from multiple countries to reopen the Strait of Hormuz

Investing.com - The joint U.S. and Israel strike on Iran has entered its third week, with financial markets focusing on President Trump’s call for multiple countries to help Washington reopen the Strait of Hormuz.

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However, Trump did not reveal on Sunday during a press interview aboard Air Force One whether any countries agreed to his request.

He also told the Financial Times that NATO members should assist in reopening the strait, adding that if these countries do not respond or refuse to aid Washington, “it will be very detrimental to NATO’s future.”

Trump specifically named China, implying that if Beijing does not use its influence to lift the blockade of the strait, he may cancel the summit with China’s top leaders scheduled for April. The New York Times reported that oil tankers headed to China are allowed to pass through the strait, while others are attacked with gunfire.

The Wall Street Journal, citing top EU diplomats, said the EU is considering various options to restart shipping through the Strait of Hormuz. The strait, a narrow waterway in southern Iran, transports one-fifth of the world’s oil supply.

By cutting off most oil tankers’ passage through this geographic chokepoint, Tehran effectively deprives major economies—especially Europe and Asia—of critical energy sources. Oil and natural gas prices have surged as a result, potentially reigniting global inflation pressures and putting broader economic activity at risk.

Analysts at Vital Knowledge stated in a report: “From a market perspective, the core issue of the Iran conflict remains unchanged: the U.S. and Israel hold a traditional military advantage, but the Iranian regime remains firmly in power, and Tehran has successfully used the closure of the Strait of Hormuz to hold the global economy hostage.”

The surge in oil prices presents a particular challenge for Trump, as there are few signs of a reduction in U.S. strikes on Iran. Washington’s plans for this expanded operation, which now affects much of the Middle East—including major oil-producing countries in the Persian Gulf—and the eventual exit strategy, are subjects of ongoing speculation.

On Monday, officials from the United Arab Emirates said their oil industry zone in Fujairah was hit by a second drone attack over two days. The Wall Street Journal, citing authorities, reported no casualties.

Additionally, the Wall Street Journal reported that Israel is conducting “limited and targeted ground operations” in southern Lebanon.

Trump’s actions against Iran seem to have already had tangible effects within the U.S. The rising gasoline prices are believed by analysts to potentially influence the performance of Trump’s Republican Party in the crucial midterm elections in November.

Oil prices earlier in European trading hours retreated from previous gains, but Brent futures—the global benchmark—remained above the key level of $100 per barrel.

(This is developing news. Please check back later for updates.)

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