The White House believes tanker traffic through the Strait of Hormuz will increase before Navy escorts are deployed, Treasury Secretary Scott Bessent said.

Meanwhile, Iran's Foreign Minister Abbas Araghchi says the country has not "asked for a ceasefire" after Trump said it had wanted a deal.

Fujairah, located on the Gulf of ​Oman just outside the Strait of Hormuz, ⁠is typically a critical exit point for about ​1 million barrels per day of the UAE's ​Murban crude - a volume equivalent to roughly 1% of global demand.

March 15 (Reuters) - U.S. President Donald Trump warned NATO of a “very ⁠bad” ⁠future if allies do not help open ⁠up the Strait of Hormuz and said he may also delay a planned summit ​with Chinese President Xi Jinping, in comments published by the Financial Times on Sunday.

The Strait of Hormuz, the world's most critical chokepoint for oil shipments, has been effectively closed since the U.S. and Israel began the war on Iran.

The strategic shipping lane carries a fifth of the world's oil. Analysts warn prolonged disruption could send fuel prices soaring and trigger a global economic slowdown.

Bank of America and Standard Chartered on Monday raised their 2026 oil price forecasts, citing a prolonged supply shock from the shutdown ​of the Strait of Hormuz and the likelihood of a long‑tail disruption to global ‌energy markets.

Half of US generic drugs are made in India and transit the Strait of Hormuz. Supply chains prepare for emergencies, but prescription stockpiles are limited.