As governments across the world fear economic turmoil from surging oil prices which would anger many voters, United States (US) President Donald Trump appeared to praise the “tremendous impact” of decisions being by leaders of the G7 countries as they met to discuss the war and its economic consequences, according to a short video clip shared by the French presidency.
“I think we are having a tremendous impact, unbelievable actually, on the world,” Trump said, after being given the floor by his French counterpart, Emmanuel Macron, who chaired the meeting. It was not entirely clear, however, who or what Trump was referring to.
Trump was speaking after a recommendation by the International Energy Agency (IEA) to release 400m barrels of oil, the largest such move in the IEA’s history, in an effort to restrain soaring oil prices. Hours later the US announced it would release 172m barrels of oil from its strategic petroleum reserve.
With no sign so far that ships can sail safely through the strait of Hormuz, the conduit for a fifth of the world’s oil, three merchant ships in the Gulf were struck by unknown projectiles on Wednesday, according to agencies that monitor maritime security, raising the number of ships reportedly hit since the war began to 14.
Reports said crew were evacuated from a Thai-flagged bulk freighter after an explosion caused a fire while a Japanese-flagged container ship and a Marshall Islands-flagged bulk carrier also sustained damage. Early on Thursday further attacks were reported, with Iraq announced two tankers were “subject to sabotage”, resulting in at least one death.
On its part, the International Energy Agency (IEA) has agreed to release a record 400 million barrels of crude oil in response to the disruption caused by the US-Israel war on Iran, just as Iran’s Islamic Revolutionary Guard Corps (IRGC) said its navy fired on and stopped two vessels in the Strait of Hormuz after they ignored warnings.
Trump told reporters on Wednesday that oil tankers passing through the strait would “see great safety, and it’s going to be very, very quickly”, without giving further details.
Hundreds of ships are blockaded behind the narrow channel along the Iran’s southern coast for fear of Iranian attack in the worst disruption to energy supplies since the oil shocks of the 1970s. The Revolutionary Guards said Tehran would not allow “a single litre of oil” through the vital waterway until the US and Israel stopped their bombing campaign.
Iran has also continued to target oilfields and refineries in Gulf countries as it seeks to force the US and Israel to stop their offensive. In comments addressed to the US, a spokesperson for Iran’s military command, Ebrahim Zolfaqari said: “Get ready for oil to be $200 a barrel, because the oil price depends on regional security which you have destabilised,” – With The Guardian reports
