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The U.S. strikes on Kharg Island and Trump's threat to hit Iran's oil infrastructure mark a major escalation in the war, according to JPMorgan.
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Trump's comments come after he called on several countries to send warships so as to secure the critical waterway
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With the Iran war entering a third week and the price of oil reaching nearly $105 a barrel on Monday, President Trump again urged NATO countries and China to help the U.S. secure the vital Strait of Hormuz.
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Plus, highlights from the Oscars.
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The port of Fujairah plays a crucial role in helping keep global supplies moving when the Strait of Hormuz is blocked.
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The money will be for "vulnerable" households who have faced a sharp rise in energy bills since the outbreak of the US-Israeli war with Iran.
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The statistics bureau said that China's energy supply is "relatively strong," while announcing an uptick in domestic production.
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U.S. allies and rivals responded cautiously after President Donald Trump said they should police the Strait of Hormuz, as Iranian threats to strike shipping on the vital trade route continue to cause chaos in global markets."Many countries, especially those who are affected by Iran's attempted closure of the Hormuz Strait, will be sending War Ships" to secure the shipping route, he posted Saturday on Truth Social, listing China, France, Japan, South Korea, the U.K. and "others" among t
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The impact in the UK of the ongoing conflict in the Middle East features on Monday's front pages.
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President Trump has urged China, Britain, France, Japan and South Korea to send warships to help reopen the waterway, even though they were not involved in the U.S.-Israeli attack on Iran.
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