Ziggy Ojiegbe

Oil prices held near session highs on Tuesday after President Donald Trump indicated walking back from forcing open the Strait of Hormuz and demanded estranged allies to find their way out of the Hormuz impasse or buy America oil.

Brent crude, the international benchmark, rose about 3% to trade near $117 per barrel, while US benchmark West Texas Intermediate (WTI) gained a similar margin to hover around $102 per barrel.

Trump told America’s European allies to take greater responsibility for securing global energy routes, warning that the United States may step back from efforts to reopen the strategically vital Strait of Hormuz amid the ongoing Iran conflict.

In a series of remarks on Truth Social, Trump singled out close partners including the United Kingdom, urging them to secure fuel supplies independently and take direct action to protect the waterway.

“I have a suggestion for you: Number one, buy from the US, we have plenty, and number two, build up some delayed courage—go to the Strait and just take it,” he wrote.

“You’ll have to start learning how to fight for yourselves. The USA won’t be there to help you anymore.”

The comments mark a notable shift in tone, suggesting Washington could ease its involvement even if the Strait remains effectively blockaded; a retreat from earlier threats to escalate military action against Iran’s energy infrastructure.

Markets reacted positively to reports that Trump is open to ending the conflict without securing full access to the Strait. US stocks rallied, with the Dow Jones Industrial Average rising 498 points (1%), the S&P 500 gaining 1.2%, and the Nasdaq climbing 1.4%.

Oil prices, however, continued their upward climb amid persistent supply concerns. Brent crude rose 4% to $117 per barrel, while US gasoline prices crossed $4 per gallon for the first time since the conflict began on February 28.

Tensions have intensified around key shipping routes as the Strait of Hormuz remains constrained, while threats in the Bab el-Mandeb corridor have further complicated global oil flows, keeping markets on edge.

At the diplomatic level, divisions among US allies have become more pronounced after Emmanuel Macron criticized the military action as being “outside international law,” stating that France could not support the strikes.

Italy reportedly denied landing access to US military aircraft, Spain restricted its airspace for American warplanes, and Poland declined to deploy air defense systems to the region.

In contrast, key Gulf allies—including Saudi Arabia, the United Arab Emirates, Kuwait, and Bahrain—are said to be privately backing continued US engagement. Officials in these countries have urged Washington to press forward until Iran’s leadership is forced into a significant policy shift.

Mohammed bin Salman has reportedly encouraged a more aggressive approach, describing the situation as a “historic opportunity” and calling for expanded military action targeting Iran’s energy assets.

Trump, meanwhile, has maintained that Iran has been significantly weakened, pointing to recent US strikes on strategic facilities, including an ammunition depot in Isfahan.

The conflict has also spilled into commercial shipping. A Kuwaiti oil tanker carrying 2 million barrels of crude caught fire after being struck by an Iranian drone near Dubai. Authorities confirmed that all crew members were safe and no spill was recorded.

Despite the escalation, the White House says diplomatic efforts are ongoing. Press Secretary Karoline Leavitt indicated that Trump is seeking a deal with Tehran ahead of an April 6 deadline tied to reopening the Strait.

She noted that while talks are progressing, Iran’s public stance differs from its private communications with US officials.

Iran, however, has rejected the proposals. Foreign Ministry spokesman Esmaeil Baghaei described the US terms as “unrealistic, illogical and excessive,” insisting that the country remains focused on defending itself against what it calls ongoing military aggression.

The White House also confirmed that Trump is considering asking Arab allies to help finance the war effort, signaling another potential shift in US strategy as the conflict enters a critical phase.