US President Donald Trump said his administration has reached out to at least seven countries to help secure the vital Strait of Hormuz, as tensions between the US, Israel and Iran continue to affect global oil shipments.
Speaking to reporters aboard Air Force One, Trump said that countries that benefit most from the oil flowing through the Gulf have a responsibility to protect the vital waterway, which is estimated to carry about 20% of the world’s oil.
The US president said talks were underway with countries including China, France, Japan, South Korea and the UK to form a coalition to protect oil tankers.
The Trump administration has said the conflict could end in the coming weeks, with US officials expressing hope that once the conflict ends, oil prices will fall.
However, the ongoing tension and the closure of the Strait of Hormuz remain a major concern for energy markets and the global economy.
