Strait Of Hormuz Trade To Resume Soon? Trump Admin Likely To Announce Coalition To Escort Ships Amid Fuel Price Rise

(MENAFN- Live Mint) The Donald Trump administration this week is likely to announce that multiple countries have agreed to form a coalition to escort ships through the critical Strait of Hormuz, where trade remains effectively halted amid the conflict between US and Israel on one side and Iran on the other.

According to a report by Wall Street Journal, the Trump administration is expected to announce the formation of the coalition this week itself, with Washington and its potential coalition partners currently discussing the scope of operations and their start date.

The White House, however, has yet to comment officially on the matter, even as many countries remained non-committal, at least publicly, to a potential escort mission through the strait.

The development comes amid a spiralling global energy crisis precipitated by the halt in trade through the Strait of Hormuz, with rising gas prices also affecting the US as well, where Trump faces mid-term polls later in the year.

The average price of gas in the US on Sunday was $3.70 a gallon, up 26% from $2.93 a month earlier, when the conflict had not broken out. The cost of diesel, in the same period, rose 36%, from $3.66 to $4.97 per gallon.

(This is a developing story. Check back for updates)

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