Oil prices continue to rise as the Strait of Hormuz remains effectively closed, with Brent crude reaching $106 a barrel on Sunday before easing to $104.15 a barrel as of 02:00 GMT, a 1 percent increase.
The latest rise comes after US President Donald Trump called on other countries to help Washington reopen the critical waterway, which transports about one-fifth of the global oil supply.
Trump's proposal has received a muted response so far, with none of the countries he appealed to, including China, Japan, France, and the UK, publicly committing to deploying their navy to the strait.
Regional Context
Iran has brought shipping in the strait to a standstill in retaliation for the US and Israel's strikes on the country, resulting in the largest disruption to global energy supplies in history, according to the International Energy Agency.
Global oil prices have risen more than 40 percent since the start of the war, pushing up fuel prices and heightening fears of a slowdown in the global economy, with at least 16 commercial vessels attacked in the region since the war began on February 28.
The United Kingdom Maritime Trade Operations centre reported that no more than five ships have passed through the strait each day since the start of the war, compared with a historical average of 138 daily transits.
Official Statements
Trump administration officials have said that warships will not be deployed to the waterway until Tehran's military capacity has been further degraded, but they expect such operations to begin soon, with Trump stating that NATO would face a 'very bad' future if his proposal received 'no response, or if it's a negative response'.
Source: Al Jazeera
