Oil gains after Trump says Hormuz to open ‘naturally’ after war
Oil prices have risen after US President Donald Trump stated that the Strait of Hormuz will 'open naturally' once the conflict with Iran is over. The international benchmark for oil has increased by almost 40% since the start of the war, with the prospect of a resolution bringing optimism to wider markets.
The conflict between the US and Iran has caused the Strait of Hormuz to close, resulting in a significant increase in oil prices. Brent crude has risen to $105 a barrel, while West Texas Intermediate has climbed to near $102. The US President has stated that the strait will reopen once the conflict is over. The International Energy Agency has warned that energy rationing may be necessary in some countries due to the oil supply shock. The United Arab Emirates has called on the United Nations to authorize force to reopen the strait. Iran's Foreign Minister has stated that the future of the strait will be decided by Iran and Oman.
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