Trump says US can take Strait of Hormuz

WASHINGTON: President Donald Trump on Friday said the U.S. can open the ​Strait of Hormuz with a little more ‌time, as pressure mounts for his administration to find a quick resolution to a war against Iran.

“With a little ​more time, we can easily OPEN THE ​HORMUZ STRAIT, TAKE THE OIL,& MAKE A ⁠FORTUNE,” Trump said in a post on Truth ​Social.

Nearly five weeks after it started with a ​joint U.S.-Israeli aerial assault, the war in Iran continues to spread chaos across the region and roil financial markets, ​raising the pressure on Trump to find a ​quick resolution to the conflict.

Iran has effectively shut down ‌the ⁠Strait of Hormuz , a key waterway that carries about a fifth of the world’s total oil consumption, in retaliation for U.S.-Israeli strikes that began ​in late ​February. Reopening ⁠it has become a priority for governments around the world as energy prices ​soar.

In the speech on Wednesday ​night, ⁠Trump repeated his threats against Iran’s civilian power plants and gave no clear timeline for ending hostilities, ⁠drawing ​vows of retaliation from Iran ​and depressing share prices.

IRAN WAR CAUSES GLOBAL ECONOMIC UPHEAVAL

Global financial markets have whipsawed in response to expectations of a possible end to the war and the re-opening of the Strait of Hormuz, ​which only isolated vessels have been able to transit ​since the start of the war.

In normal times, the ⁠Strait is the conduit for around a fifth of the world’s oil and natural gas. Its closure has also squeezed shipments of fertiliser, threatening a humanitarian crisis in developing countries in Asia and Africa.

On Friday, a container ship belonging to the French shipping group CMA CGM passed through, MarineTraffic vessel tracking data showed, a sign that Iran may not consider France a hostile nation. ​A liquefied natural gas container ship belonging to Japan’s Mitsui OSK Lines also transited the Strait.

While most markets in Asia were closed for Easter, Japan’s Nikkei share average rallied to ​trim its losses for the week ⁠following global efforts to restore Gulf oil shipments.

Oil markets were closed after benchmark U.S. crude prices gained 11% on Thursday after a televised speech by Trump that offered no clear sign of an imminent end to the war.

On Thursday, Britain chaired a virtual meeting of some 40 countries to explore ways to restore freedom of navigation, but it did not produce any specific agreement.

Tehran has offered a competing vision for future control of the strait, and said it was drafting a protocol with neighbouring Oman that would require ships to obtain ⁠permits and licences – ​something other countries would be unlikely to agree to.

“International law doesn’t recognise pay-to-pass schemes,” European Union foreign policy chief Kaja Kallas wrote on social media.

Iran War- All News and Updates

The ​U.N. Security Council is set to vote on Saturday on a Bahraini resolution to protect commercial shipping in and around the strait, diplomats said, but veto-wielding China made clear its opposition to authorising armed intervention.

Any military action would be “legitimising the unlawful and indiscriminate use of force, which would inevitably lead ​to further escalation of the situation and lead to serious consequences”, Chinese envoy Fu Cong told the Security Council on Thursday.