How shipping slowed to a stop through the strait of Hormuz<\/a>How shipping slowed to a stop through the strait of Hormuz<\/p>\nTrump sought to mitigate fears of long-term disruption to the global oil market on Tuesday, suggesting that the US military stood ready to protect ships moving through the strait, and political risk insurance \u201cat a very reasonable price\u201d to vessels navigating the Gulf.<\/p>\n
\u201cIf necessary, the United States Navy will begin escorting tankers through the Strait of Hormuz, as soon as possible,\u201d the US president wrote on his Truth Social platform. \u201cNo matter what, the United States will ensure the FREE FLOW of ENERGY to the WORLD.\u201d<\/p>\n
Brent crude, the international benchmark for oil, has soared this week as investors braced for significant disruptions to supply. The benchmark, which closed at its highest level since January 2025 on Tuesday, rose by a further 1.4% on Wednesday to hit $82.53 per barrel.<\/p>\n
The United Kingdom Maritime Trade Operations said it had received reports of incidents affecting ships near the United Arab Emirates and Oman on Tuesday, amid heightened apprehension around threats to vessels in the region.<\/p>\n
Wall Street was set to open lower in New York on Wednesday, according to pre-market trading data. Trump is known to closely monitor the performance of leading US stock markets, regularly claiming their rallies as evidence of his administration\u2019s success.<\/p>\n
\u201cI\u2019m actually surprised that the market reaction has been more benign given the magnitude of this,\u201d Solomon said in a speech in Sydney on Wednesday, noting that markets typically react in a muted way to geopolitical events unless they have direct consequences for economic growth.<\/p>\n
\u201cI think it\u2019s gonna take a couple of weeks for markets to really digest the implications of what has happened, both in the short term and medium term,\u201d added Solomon. \u201cAnd I can\u2019t speculate as to how that would play out.\u201d<\/p>\n
Reuters contributed to this report<\/p>\n","protected":false},"excerpt":{"rendered":"Global markets tumbled further on Wednesday despite Donald Trump\u2019s offer to have the US navy escort tankers through…\n","protected":false},"author":2,"featured_media":517632,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[64,63,99],"class_list":{"0":"post-517631","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business","8":"tag-au","9":"tag-australia","10":"tag-business"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts\/517631","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/comments?post=517631"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts\/517631\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/media\/517632"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/media?parent=517631"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/categories?post=517631"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/tags?post=517631"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}