US Navy near the Strait of Hormuz (representational image)|US Navy
As the conflict in Iran enters its third week, President Donald Trump has signaled a potential shift in US involvement regarding the Strait of Hormuz, stating the trade channel is “something that we don’t need.”
Trump cited that America has a lot of oil and that nations that benefit most from the passage should take primary responsibility for its security.
The President also revealed he is in talks with seven countries to form a policing coalition but issued a stern warning to NATO, suggesting that a failure to assist could be “very bad” for the alliance.
Contrary to recent diplomatic assertions, Iran has denied seeking ceasefire talks and has instead launched fresh attacks across the Persian Gulf.
Drone strikes had recently suspended flights at Dubai’s main international airport. They have since resumed operations.
Experts warn that the longer the war escalates, the more difficult it will be for markets to sustain their current level of confidence.