Global markets reacted with volatility on Monday as world leaders criticized the United States' unilateral blockade of the Strait of Hormuz, announced yesterday by President Donald Trump. The strategic waterway, through which 21 million barrels of oil pass daily, has become a flashpoint following collapsed US-Iran negotiations.
Regional Responses Intensify
European Union foreign policy chief Josep Borrell called the move "a dangerous escalation," while Saudi Arabia and Qatar urged immediate de-escalation. Analysts warn prolonged disruption could push oil prices above $150 per barrel, with Asian economies like Japan and South Korea – both heavily reliant on Middle Eastern energy imports – preparing emergency reserves.
Market Turbulence Spreads
Brent crude surged 9% in early trading, while shipping companies rerouted vessels around the Arabian Peninsula. "This isn't just about oil," said Singapore-based energy analyst Li Wei. "Over 30% of global LNG supplies and critical manufacturing components pass through this chokepoint."
Diplomatic Channels Active
Chinese Foreign Ministry spokesperson Wang Wenbin emphasized Beijing's commitment to "peaceful resolution through dialogue," reflecting concerns from the world's largest crude importer. Meanwhile, Russia proposed an emergency UN Security Council session, though US officials maintain the blockade targets "Iranian aggression."
As of Monday afternoon, no military confrontations had been reported, but commercial insurers have suspended coverage for Hormuz-bound vessels. Observers await Iran's formal response following emergency parliamentary sessions in Tehran.
