US President Donald Trump’s insistence on an alliance to help reopen the Strait of Hormuz was not accepted Monday as allies Japan and Australia said they were not planning to send navy vessels to the Middle East to escort ships through the vital waterway.
With the US-Israeli war on Iran creating turmoil across the Middle East and shaking up global energy markets in its third week, Trump on Sunday insisted that nations relying heavily on oil from the Gulf have a responsibility to protect the strait through which 20% of the world’s energy transits.
Markets in Asia reacted cautiously, with Brent crude rising more than 1% above $104.50 and regional share markets mostly weaker amid concerns about the risk to Middle East oil facilities and after Trump’s request for allies to get more involved.