Oil prices climbed above $103 per barrel, gaining more than 2% on Tuesday, as doubts grow over whether U.S. President Donald Trump can form a meaningful coalition to escort tankers through the Strait of Hormuz.
Brent, the international benchmark, rose by 3.2% or $3.21, closing at $103.42 per barrel. U.S. crude WTI increased by 2.9% or $2.71, reaching $96.21.
Donald Trump said in a social media post that U.S. allies in NATO do not want to participate in the war against Iran, adding that Washington does not need their support.
At the same time, the United States has called on allies to send military forces to protect shipping in this critical maritime corridor. However, vessel traffic has dropped sharply following Iranian attacks, causing one of the biggest disruptions in global oil supply.
“The scale of the disruption in oil supply makes it difficult for the market to find an adequate solution,” said Warren Patterson, head of commodities strategy at ING.
He noted that despite announcements by the U.S. government regarding insurance guarantees and naval escorts, neither measure has yet been implemented.
He also stressed that escorting commercial vessels through the Strait of Hormuz would make warships vulnerable to attacks, which could lead the U.S. to wait until Iran’s ability to strike ships is reduced.
The Strait of Hormuz, located between Oman and Iran, is a key hub for global oil trade, with around 13 million barrels per day passing through it in 2025, accounting for 31% of seaborne crude flows, according to Kpler.
- Oil prices rise over 3% again – Brent above $103 amid strait crisis appeared first on - English.