As the war in Iran enters its third week, the fighting continues to disrupt global oil shipping, pushing prices even higher.
AAA reports the national average price for a gallon of gas surpassed $3.70 as of Monday. One month ago, the average was around $2.93 per gallon.
Much of the uncertainty pushing prices higher is over the Strait of Hormuz — the narrow waterway that is a vital trade route, with nearly one-fifth of the world's oil supply passing through it.
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Fears have mounted that Iran could restrict the flow of oil and goods in retaliation for U.S. and Israeli airstrikes. Iran’s new Supreme Leader, Mojtaba Khamenei, has vowed to close the strait as the bombing campaign continues.
Over the weekend, President Donald Trump urged other countries to deploy naval forces to the Middle East to help keep the strait open. He suggested that nations affected by Iran’s actions would join the U.S. in "policing" shipping.
“Many Countries, especially those who are affected by Iran’s attempted closure of the Hormuz Strait, will be sending War Ships, in conjunction with the United States of America, to keep the Strait open and safe,” Trump said Saturday.
“We have already destroyed 100% of Iran’s Military capability, but it’s easy for them to send a drone or two, drop a mine, or deliver a close range missile somewhere along, or in, this Waterway, no matter how badly defeated they are," he added. "Hopefully China, France, Japan, South Korea, the UK, and others, that are affected by this artificial constraint, will send Ships to the area so that the Hormuz Strait will no longer be a threat by a Nation that has been totally decapitated.”
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Iran’s foreign minister Abbas Araghchi suggested that the Trump administration is growing desperate.
“The touted U.S. security umbrella has proven to be full of holes, inviting trouble rather than deterring it,” Araghchi said. “The U.S. is now begging others, even China, to help make Hormuz safe. Iran calls on brotherly neighbors to expel foreign aggressors, especially as their only concern is Israel.”
