Oil prices declined slightly on Monday, slipping below $105 per barrel, as markets reacted to comments from Donald Trump urging international cooperation to reopen the strategically important Strait of Hormuz.
By 11:20 ET (15:20 GMT), Brent crude, the global benchmark, had fallen 1.2% to $101.91 per barrel, while U.S. West Texas Intermediate (WTI) crude dropped 2.8% to $94.09 per barrel.
Trump Seeks International Support to Reopen Strait of Hormuz
Speaking on Sunday, Trump said the White House is currently in discussions with seven countries about helping restore shipping traffic through the Strait of Hormuz. China was among the nations reportedly approached regarding possible involvement.
The strait is a crucial global energy corridor, responsible for transporting around 20% of the world’s oil supply. Trump suggested that reopening the passage would be relatively manageable, arguing that Iran’s military capabilities have been weakened following recent U.S. and Israeli strikes.
In an interview with the Financial Times, Trump also warned that **North Atlantic Treaty Organization members could face consequences if they refused to assist in efforts to secure the strait.
Allies Show Reluctance to Join Hormuz Operation
Despite Washington’s request, several U.S. allies have shown hesitation about participating in a potential naval mission.
Reports indicated that Japan and Australia declined to deploy warships to the region. The Strait of Hormuz remains effectively closed due to the risk of missile and drone attacks targeting oil tankers and cargo vessels.
Shipping companies have increasingly avoided the route as concerns grow over crew safety and the difficulty of securing insurance coverage for vessels traveling through the strait.
Some NATO members have also been reluctant to become involved. Germany’s defense minister questioned whether a limited European naval presence could achieve anything that the powerful U.S. Navy could not.
Officials from Spain and Italy have also indicated they are unlikely to participate in military operations related to the conflict. Meanwhile, Greece said its involvement in Middle Eastern security operations would remain focused on the Red Sea.
EU Considers Expanding Naval Mission
Despite the reluctance from several countries, **Kaja Kallas said the **European Union is evaluating the possibility of expanding the mandate of its naval mission in the region.
The proposed changes could allow European vessels to help protect ships attempting to pass through the Strait of Hormuz.
Drone Strike Hits UAE Energy Infrastructure
Meanwhile, authorities in the **United Arab Emirates reported that the country’s oil industry zone in Fujairah had been struck by a second drone attack in two days. According to reports cited by the Wall Street Journal, no injuries were recorded.
U.S. officials continue to say the conflict involving Iran could end quickly. However, Iranian authorities have stated they remain prepared to continue fighting and insist the Strait of Hormuz will remain closed until U.S. and Israeli military actions against Iran stop.
