Global oil prices continue to rise as tensions grow around the Strait of Hormuz. Markets see no quick solution to the shipping disruption. Brent crude climbed above $104 per barrel early Monday. The surge reflects fears of a prolonged energy crisis.
The latest jump followed comments from US President Donald Trump. He urged several nations to support efforts to reopen the critical waterway. The Strait of Hormuz carries nearly one-fifth of the world’s oil supply. Any disruption quickly affects global energy markets.
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Shipping disruption in Hormuz pushes global oil prices higher
Iran halted most shipping in the strait after recent US and Israeli strikes. The move sharply reduced commercial traffic in the region. Maritime data shows only a few ships now cross the route daily. Normally, more than 130 vessels pass through each day.
Trump asked countries such as China, Japan, France and the United Kingdom to help secure the route. However, responses from allies remain cautious. Japan and Australia already said they have no plans to send naval ships. Many governments want to avoid deeper military involvement.
Energy experts warn that the disruption could impact the global economy. Oil prices have already jumped more than 40 percent since the conflict began. Higher fuel costs may slow economic growth worldwide. Markets now watch closely for any diplomatic or military developments.
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