More than 20 countries on Saturday said they would contribute to efforts to ensure safe passage in the Strait of Hormuz, condemning Iran’s closure of the vital waterway.
“We express our readiness to contribute to appropriate efforts to ensure safe passage through the Strait. We welcome the commitment of nations who are engaging in preparatory planning,” said the 22 countries, mostly European but also including the UAE and Bahrain.
“We condemn in the strongest terms recent attacks by Iran on unarmed commercial vessels in the Gulf, attacks on civilian infrastructure, including oil and gas installations, and the de facto closure of the Strait of Hormuz by Iranian forces,” they said in a joint statement, according to AFP.
Threats to the Strait of Hormuz and the Iran-US-Israel conflict have caused global crude oil to surge above $110 per barrel. Brent reached its highest point since mid-2022 at $112 per barrel by week’s end.
Brent crude prices have risen over 50% this month, and Middle Eastern oil such as Abu Dhabi’s Murban grade has doubled in value.
The global benchmark of Brent has increased nearly 50% this month as the third week of the conflict approaches.
READ ALSO: Far From War, Global Fuel Frustrations Mount
Latest Market action shows a sustained close above $108 could signal a blow-off top toward the 2022 highs of $120 a barrel.
The US has authorised the sale of Iranian oil and petrochemicals loaded onto tankers as part of its recent effort to mitigate rising oil prices caused by the Middle East conflict.
Meanwhile, Trump has attempted to de-escalate attacks on natural gas and oil resources, again criticizing NATO allies for refusing to join the war effort against Iran or help clear the strait through which 20% of the world’s oil passes.
AFP/Channels
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