Oil prices rise despite Trump’s strategy

Iran's war against Israeli and US aggression has entered its third week. Oil prices have risen despite US President Donald Trump's assurances about 'oil' and permission to buy from Russia.

On Sunday (March 16) evening local time, global benchmark Brent crude rose about 2.9 percent to $106.12. This is the highest price for Brent crude since July. At the same time, US oil prices rose 2.6 percent to $101.53.

The Trump administration has indicated that the war with Iran could last for several more weeks. US President Trump has sought international cooperation to open the Strait of Hormuz to oil tankers. However, none of the US allies have responded to his words.

The US aggression has caused one of the largest disruptions to oil supplies in history. The Strait of Hormuz, controlled by Iran, has been virtually closed to oil tankers since the start of the war. About 20 percent of the world's oil passes through this route.

The Trump administration has repeatedly tried to downplay concerns about oil shipping. Trump has said the United States will deploy the Navy to protect oil tankers as they leave the Middle East. But the administration has acknowledged that it could take weeks for the Navy to prepare for such a mission.

On Saturday, Trump called on other countries to coordinate to reopen the Strait of Hormuz so that oil supplies can resume normally.

But Iran has stepped up the pressure. It has planted mines in the strait and warned that any US-related oil and gas infrastructure could be attacked. Several oil tankers have also been attacked in the Strait of Hormuz since the war began, sending oil prices soaring on the world market.