Fears of global economic turmoil stemming from the Middle East war intensified after the US struck Iran’s main oil terminal.
Tehran said the attacks on Kharg Island would trigger retaliation against US-linked energy facilities in the region, deepening concerns about a sustained disruption to global supply.
US President Donald Trump called on other countries, including Japan, South Korea, and the UK, to help reopen the Strait of Hormuz, but the plea drew a lukewarm response, suggesting there would be no quick resolution to Iran’s effective blockade of the critical waterway.
Global oil markets are set for another volatile week: The US energy secretary said there are “no guarantees” crude prices — which recently surpassed $100 — would fall in the coming weeks.