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Some countries have imposed price caps and released oil stockpiles to maintain energy supplies, while others are trying to reduce consumption.
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Global oil prices have soared as one-fifth of the world's supply normally transits the strait.
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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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President Donald Trump announced "major combat operations" against Iran on Feb. 28, with massive joint U.S.-Israel strikes.
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The vast majority of the oil passing through the Strait of Hormuz was Asia-bound. Now, countries there are forced to make do with what they have, highlighting the cost of fossil fuel dependence.
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