WASHINGTON: President Donald Trump stated on Friday that the United States has the capability to reopen the Strait of Hormuz with just a bit more time, amid mounting pressure for his administration to resolve the ongoing conflict with Iran swiftly.
In a post on Truth Social, Trump proclaimed, “With a little more time, we can easily OPEN THE HORMUZ STRAIT, TAKE THE OIL, & MAKE A FORTUNE.”
The conflict, which began nearly five weeks ago with joint U.S.-Israeli airstrikes, continues to cause chaos across the Middle East and impact global financial markets. The escalation has heightened demands for a quick resolution to the hostilities against Iran.
Iran responded to the Israeli and American strikes in late February by effectively shutting down the vital waterway, which facilitates roughly 20% of the world’s oil trade. The closure of the Strait of Hormuz has pushed energy prices higher and become a critical concern for governments worldwide seeking to restore oil shipments.
During a speech on Wednesday night, Trump reiterated threats against Iran’s civilian infrastructure, particularly its power plants, without offering a clear timeline for ending the conflict. His comments prompted Iran to vow retaliation and caused stock markets to decline.
Global Economic Disruption Due to Iran Conflict
Financial markets worldwide have experienced volatility in response to hopes and fears regarding the possible reopening of the Strait. Since the conflict’s onset, only vessels authorized to pass have been able to navigate through, severely restricting maritime traffic.
Normally, the Strait is a key route for about a fifth of global oil and natural gas supplies. Its closure has also disrupted shipments of fertilizers, risking humanitarian crises in developing nations across Asia and Africa.
Recent vessel movements suggest Iran may be open to some trade. A container ship from French logistics firm CMA CGM recently transited the Strait, and a Japanese liquefied natural gas carrier also passed through, indicating Iran might not regard France as hostile. Despite most Asian markets being closed for Easter, Japan’s Nikkei index recovered some losses for the week amidst international efforts to restore Gulf oil flows.
Oil prices surged by 11% on Thursday following Trump’s televised speech, which offered no definitive timeline for ending the war. Meanwhile, the markets were closed on Friday.
On Thursday, Britain convened a virtual meeting with around 40 countries to discuss ways to restore navigation freedom in the Strait. However, no concrete agreements emerged.
Iran has proposed a different approach, working with neighboring Oman to draft a protocol requiring ships to obtain permits and licenses before passing through—an idea unlikely to gain international acceptance. European Union foreign policy chief Kaja Kallas emphasized that “international law doesn’t recognize pay-to-pass schemes.”
The United Nations Security Council is scheduled to vote on Saturday on a Bahraini resolution aimed at protecting maritime traffic around the Strait. China, however, has expressed opposition, warning that military intervention could escalate the conflict further. Chinese diplomat Fu Cong warned that such actions would legitimize the unlawful use of force and lead to serious consequences.
