Donald Trump / Photo by Andrew Harnik / Getty Images
“We will ensure the security of the strait and will likely control it. We will become its guardians. And we should be paid for that,” Trump said in an interview with Fox News’ “Fox & Friends.”
According to the U.S. president, the cost of ensuring the security of one of the world’s most important energy routes should not fall entirely on the United States, Meduza reports, citing Reuters. “They’ll pay us a lot of money. Other countries are very rich; they use this route, and we can’t do this for free,” he said.
The Strait of Hormuz, which connects the Persian Gulf to the Gulf of Oman, is of strategic importance to the global economy. Significant volumes of oil and liquefied natural gas from Middle Eastern countries pass through it. Any restrictions on traffic in this area could lead to rising energy prices and increased inflationary risks.
Trump’s statement came amid escalating tensions surrounding the strait. Iran had previously announced a suspension of shipping traffic, citing the need to ensure security and restore stability in the region.
Iran’s Islamic Revolutionary Guard Corps stated that regular shipping could resume once U.S. military intervention in the Strait area ceases. Tehran also warned of possible consequences for the global oil and gas market in the event of further escalation.
Amid an exchange of missile and drone strikes between the U.S. and Iran, energy market participants have once again begun assessing the risks of supply disruptions. Rising tensions around the Strait of Hormuz are already putting pressure on oil prices and driving up the cost of marine insurance.
At the same time, it remains unclear how the idea of transferring responsibility for managing the strait’s security to the U.S. could be implemented, or who would finance such measures. Any attempts to establish expanded control over this strategic waterway could trigger a new wave of diplomatic disputes among key players in the region.
