Allies discuss Hormuz flows after Trump's vow to step up Iran attacks brings new oil price surge

R

Richard Smith

2 min read 2 months ago
Allies discuss Hormuz flows after Trump's vow to step up Iran attacks brings new oil price surge

-US nearing completion of core objectives in Iran, Trump says

- Dozens of countries sought ways to restart vital energy shipments through the Strait of Hormuz after U.S. ​President Donald Trump vowed more aggressive strikes on Iran, pushing oil prices back up to damaging levels.

Trump said military operations would be intensified without offering a timeline for ending hostilities, a lack ‌of clarity that sent share prices lower.

"We're going to hit them extremely hard over the next two to three weeks. We're going to bring them back to the Stone Ages where they belong," Trump said in a Wednesday evening prime-time speech.

Trump said the U.S. would achieve its military objectives soon but suggested the war could escalate if Iranian leaders did not give in to Washington's terms during negotiations, with strikes on Iran's energy and oil infrastructure possible.

He has said he may end the war without a deal and told countries ​that rely on fuel shipments through the Strait of Hormuz, which has been all but closed by Iranian attacks, to "just grab it".

European and other states have said they will only help secure the strait ​if there is a ceasefire. With pressure growing, some 40 countries were exploring ways to restore freedom of navigation at virtual talks on Thursday.

Britain said the talks were focused ⁠on diplomatic and economic tools. France said the process would be multi-phased and could not begin until hostilities had calmed or ended.

"It can only be done in consultation with Iran," French President Emmanuel Macron said during a visit ​to South Korea.

Iran's armed forces responded to Trump with a warning for the United States and Israel of "more crushing, broader and more destructive" attacks in store.

The war will continue until the "permanent regret and surrender" of Iran's enemies, said Ebrahim ​Zolfaqari, spokesperson for the Iranian military's Khatam al-Anbiya central headquarters, in a statement carried by Iranian media.


About the Author

R

Richard Smith

Trading expert and market analyst specializing in technical analysis and risk management.

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