The US Navy will begin to escort commercial ships through the Strait of Hormuz "as long as it is reasonable"

The American Secretary of Energy, Chris Wright, announced that the U.S. Navy will escort commercial vessels wishing to transit the Strait of Hormuz, a vital artery for global energy trade, "as long as it is reasonable." This decision comes in the wake of significant maritime traffic blockage due to the conflict between the U.S., Israel, and Iran, which has led to a 90% decrease in oil traffic in the past week. Currently, hundreds of ships, especially oil tankers, are anchored in the Persian Gulf, waiting for developments. Iran has denied that it has closed the strait but has threatened to attack vessels associated with the U.S. and Israel.

Additionally, high insurance costs in the conflict zone contribute to the traffic blockage. The Qatari Minister of Energy warned that the war in the Middle East could suspend oil and gas production, raising the price of a barrel of oil to 150 dollars.