Trump urges allies to help reopen Strait of Hormuz as tanker traffic nearly vanishes

The world’s busiest oil choke point has nearly gone silent as the US-Iran conflict enters its third week, and President Trump is now calling on allies to help reopen the Strait of Hormuz.

On Sunday evening, Trump told reporters aboard Air Force One that he’s demanding that other countries “come in and protect their own territory,” adding that the US is in talks with about seven nations to help escort tankers through the waterway.

Trump’s remark follows a series of comments he made over the weekend urging countries that depend on the route — including China, France, Japan, South Korea, and the UK —  to “send ships to the area,” and an interview with the Financial Times where he warned NATO could face a “very bad future” if allies refuse to assist securing the strait. The US president also suggested he could delay his planned summit with Chinese President Xi Jinping, given that Beijing benefits heavily from oil flowing through the waterway.

With attacks on vessels in the narrow transit corridor escalating last week, Bloomberg data shows that daily ship traffic through the Strait of Hormuz has plunged 98.5% over the past three weeks, from 67 vessels on February 22 to just one ship on March 16. 

The only maritime gateway between the Persian Gulf and the open ocean, the strait handles roughly one-fifth of the world’s daily oil and liquefied natural gas shipments, with very few alternatives if closed.

Not all traffic has stopped, however. US Treasury Secretary Scott Bessent said Monday the US is allowing Iranian oil tankers to transit the strait “to supply the rest of the world” in an interview with CNBC, adding that the administration expects a “natural opening” as Iran allows some vessels to pass — including tankers supplying India and what are believed to be some Chinese vessels.

The disruption has rattled global energy markets, with international benchmark Brent crude now trading above $100 per barrel, while US West Texas Intermediate futures rose to their highest close since the start of the Iran war on Friday. National average gasoline prices climbed 7% from a week ago to $3.72 per gallon, per the American Automobile Association, inching closer to the $4 threshold analysts have flagged could be reached if the war continues.

Still, no countries have explicitly agreed to join a naval mission. Japan, France, and Australia have signaled no immediate plans to deploy warships, while South Korea said it is “carefully reviewing” the matter. UK Prime Minister Keir Starmer said Monday that Britain “will not be drawn into the wider war,” though he pledged to work with allies on a “viable plan.”

Even if countries do intervene, analysts warn reopening the strait could be difficult, given the threat of naval mines, drone and missile attacks, and the strait’s naturally narrow geography.

Global markets were mixed on Monday as investors assessed the ongoing tensions in the Middle East. Europe’s STOXX 600 rose 0.4%, led by oil and gas stocks, while Japan’s Nikkei 225 closed slightly lower. US stocks were a little brighter, however, driven largely by gains in the tech sector, with S&P 500 futures up 0.96% and Nasdaq futures rising 1.15%, as of 9:17 a.m. ET.