Crude oil prices remained around $100 per barrel on Tuesday as United States President Donald Trump and NATO allies differed on the struggle to keep the Strait of Hormuz open for vessels transporting oil.
Trump on Tuesday said the United States had been informed by most of its NATO allies that they did not want to get involved with the country’s military operation in Iran, a move he described as a “very foolish mistake.”
According to Reuters, Trump gave no indication that he plans to punish NATO allies for their stances. Trump said NATO countries were supportive of the joint US-Israeli war, which has now entered its third week, even though they did not want to get involved.
“I think NATO is making a very foolish mistake. Everyone agrees with us, but they don’t want to help. And we, you know, we as the United States have to remember that because we think it’s pretty shocking,” he added.
As for whether he would retaliate against NATO allies for holding back, Trump said he had “nothing currently in mind.” It was recalled that the president in the past had threatened to withdraw the United States from NATO, but did not bring that up on Tuesday.
Trump had on Monday called on nations to help police the Strait of Hormuz, through which 20 per cent of the world’s oil is transported, after Iran responded to US-Israeli attacks by using drones, missiles, and mines to effectively close the channel for tankers.
The closure of the Strait of Hormuz led to a sharp rise in oil prices from the pre-war rate of $65 to $103 as of Tuesday. But several US allies said on Monday they had no immediate plans to send ships to help unblock the strait, effectively rebuffing Trump’s plea for military support.
Earlier on Tuesday, Trump wrote on Truth Social that “Because of the fact that we have had such military success, we no longer ‘need’, or desire, the NATO countries’ assistance — WE NEVER DID!” He singled out Japan, Australia, and South Korea.
Iran had said the Strait of Hormuz remained open but not for its enemies. Analysts said that until the strait is reopened for all vessels, prices of oil and other goods would continue to rise.
