By Tom Ozimek
U.S. President Donald Trump said on April 3 that the United States could “easily” reopen the Strait of Hormuz, seize oil supplies, and profit from distributing them globally, as disruptions in the critical shipping lane continue to rattle energy markets and strain international alliances.
“With a little more time, we can easily OPEN THE HORMUZ STRAIT, TAKE THE OIL, & MAKE A FORTUNE. IT WOULD BE A ‘GUSHER’ FOR THE WORLD???” Trump wrote in an April 3 post on Truth Social.
The remarks mark one of Trump’s most explicit suggestions yet that Washington could directly intervene to control energy flows through the narrow waterway, which connects the Persian Gulf to global markets and handles roughly a fifth of the world’s oil shipments.
Since U.S. and Israeli strikes on Iran began on Feb. 28, shipping traffic through the Strait of Hormuz has slowed to a near standstill, with Iranian forces targeting commercial vessels and effectively choking off one of the world’s most vital energy corridors.
A total of 220 vessels transited the strait in March, according to data from Marine Traffic and Kepler, or roughly 10 percent of the pre-war level.
Trump’s statement that the United States can “easily” reopen the Strait of Hormuz, given more time, and ensure an unimpeded supply of oil to global markets comes as Iran’s restrictions on shipments through the channel have sent crude prices soaring.
Earlier in the week, Trump said that U.S. allies should secure their own energy access through the Strait of Hormuz, suggesting Washington might step back from direct involvement in reopening the shipping lane and that the United States might conclude the conflict without necessarily addressing all the Iranian threats to the strait.
Following Trump’s call for other countries to get involved in restoring access to the strait, a coalition of some 40 countries led by the UK met virtually on April 2 to discuss ways to ensure freedom of navigation through the maritime chokepoint, with a focus on diplomatic and economic tools, rather than force.
French President Emmanuel Macron said on April 2 that launching a military operation to force open the Strait of Hormuz was an “unrealistic“ proposition as it would expose transiting vessels to Iranian missile attacks. Reopening the strait, Macron said, could only be done ”in consultation” with Iran.
Global Energy Shock
The International Energy Agency (IEA) has said that the Iran war has caused a “historic disruption” to global oil markets, pushing up prices for consumers. The agency urged people across the world to take energy-conservation measures such as working from home, driving more slowly, or carpooling.
IEA Executive Director Fatih Birol has warned that the supply shock is set to worsen.
“The loss of oil in April will be twice the oil loss in March, on top of the loss of LNG. … It will come through inflation and will cut economic growth in many countries,” Birol told a podcast with Nicolai Tangen, the head of Norway’s sovereign wealth fund.
Asian economies, heavily dependent on Gulf energy supplies, have already begun to feel the impact. South Korean President Lee Jae Myung recently urged citizens to conserve fuel, warning that rising energy costs are threatening key industries, from plastics to fertilizer production.
“When we save even a drop of oil, avoid wasting even a single plastic bag, and overcome this together, we will be able to exit the tunnel of crisis safely and swiftly,” Lee said in remarks published by Korean broadcaster YTN on April 2.
Governments, particularly in Asia, have ordered various emergency measures in response to the crisis. Pakistan closed schools for two weeks, and Bangladesh has imposed temperature limits on air conditioners and fuel rationing for cars.
