Trump urges allies to secure Hormuz as tanker attacks threaten oil flows

(Bloomberg) — Tensions in the Strait of Hormuz escalated after a tanker strike and renewed U.S. pressure on allies to help secure the critical shipping route, raising concerns over global oil and LNG supply.

U.S. President Donald Trump called on other nations reliant on Middle East crude to take a more active role in reopening the waterway, which has been effectively restricted amid ongoing conflict with Iran.

The escalation follows an attack on the Al-Salmi, a fully laden Kuwaiti crude tanker off the coast of Dubai—one of the most significant incidents affecting oil shipping since hostilities began more than a month ago. Iran has also launched missile strikes across the Gulf, including targets in the United Arab Emirates, Saudi Arabia and Iraq.

The Strait of Hormuz typically handles roughly one-fifth of global oil and LNG flows. With vessel traffic sharply reduced, supply disruptions are tightening markets, even as benchmark prices hover near $100/bbl.

Analysts warn that a prolonged closure could force prices significantly higher to rebalance supply and demand. Some scenarios suggest crude could surge well beyond current levels if flows are not restored within weeks.

While Washington has signaled interest in diplomatic solutions, military pressure continues to build in the region. Additional U.S. forces have deployed to the Middle East, though officials have indicated no immediate plans for ground operations.

With no clear resolution in sight, the risk to global energy supply remains elevated, as markets weigh the potential for further disruption to critical oil and gas export routes.