Trump Urges Allies to Secure Oil Amid Iran Conflict

A military campaign launched by the United States and Israel against Iran on February 28, 2026, has triggered a global economic crisis after Donald Trump and Israeli forces conducted strikes on Iranian territory. In retaliation, the Government of Iran effectively closed the Strait of Hormuz to commercial traffic, blocking roughly 20% of the global oil and gas supply and attacking merchant vessels. The blockade has caused Brent crude prices to exceed $100 per barrel and triggered a surge in fuel and food costs globally, including gas prices over $4 per gallon in the U.S. and a projected 10% rise in UK food inflation.

President Trump announced that the U.S. could exit the military campaign within two to three weeks, regardless of whether a deal is reached with Tehran. He has criticized European allies, including France and Britain, for their lack of military support and urged them to "start learning how to fight for yourself," suggesting they either purchase oil from the U.S. or use their own forces to reopen the strait.

While U.S. Secretary of Defense Pete Hegseth and Treasury Secretary Scott Bessent advocate for restoring freedom of navigation, other leaders have sought alternatives. UK Prime Minister Keir Starmer coordinated a 35-nation coalition to push for maritime security, and Russian President Vladimir Putin offered Russia's logistics routes as a solution to the instability. Meanwhile, Houthi rebels have joined the conflict, attacking Israel and threatening shipping in the Bab al-Mandab Strait.