Oil prices surged on Tuesday as uncertainty grew over President Donald Trump’s efforts to form a coalition to secure shipping through the Strait of Hormuz. Brent crude rose 4% to $103.65 per barrel, while U.S. West Texas Intermediate climbed 4.2%, reflecting market anxiety over supply disruptions.
Analysts said conflicting signals from the administration and continued escalation on the ground were driving volatility.
Oil jumps 4% as doubts linger over U.S.-backed plan to protect Strait of Hormuz shipping @CNBC https://t.co/Ex1o4HzTh2
— Emilia (@Emiliahardie) March 17, 2026
According to The Wall Street Journal, the U.S. is preparing to announce a coalition to escort tankers. However, Trump indicated the alliance is not fully formed and expressed frustration at allies unwilling to participate.
The U.S. has urged partners to deploy forces after Iranian attacks sharply reduced ship traffic. The report said this disruption is among the largest shocks to global oil supply in recent years.
Experts warned that proposed naval escorts and insurance guarantees have yet to materialize, while risks to military vessels remain high.
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TIPP Staff
