Oil bosses have reportedly warned Donald Trump that they intend to draw a hard line on the Strait of Hormuz. Their central demand: do not let Iran set up a toll, especially since it will create an unwanted precedent for other countries to follow too.
US Oil bosses reportedly warn Donald Trump about Strait of Hormuz closure
Senior oil executives have stressed to the Financial Times that reopening the Strait of Hormuz remains critical to stabilizing energy markets. The narrow waterway handles roughly one-fifth of the world’s crude oil and liquefied natural gas, making it one of the most important transit routes globally.
Oil bosses warned that allowing Iran to control or tax passage through the strait would have far-reaching consequences. The American Petroleum Institute, which is the largest industry lobby group in the U.S., said, “Imposing tolls at this critical global chokepoint would set a concerning precedent for international waterways and be detrimental for global energy markets.”
Traffic through the waterway slowed to a halt after the U.S. and Israel launched military action against Iran. Tehran responded by targeting vessels in the strait and has since shared that it wants to lock in a permanent tolling system even after the war ends. Donald Trump made reopening the strait a condition of the fragile two-week truce that began April 8.
Oil executives are expected to meet with Trump to discuss urgent steps, including reopening the strait and ensuring freedom of navigation. The discussions will also cover ways to boost oil production amid rising uncertainty.
Prominent industry leader Scott Sheffield emphasized the urgency of the situation. “We can’t let the Mullahs control with tolls the Strait of Hormuz. We can’t let the [Islamic Revolutionary Guard Corps] control the Strait of Hormuz. We have to open that up.” He added that a joint international effort may be necessary, saying it could involve “a joint force with Europe and with Asia eventually.”
With negotiations between the U.S. and Iran showing little progress, the oil industry is increasing pressure on Donald Trump to take a firm position.
Originally reported by Devanshi Basu on Mandatory.
