The effective closure of the Strait of Hormuz — a chokepoint for about a fifth of global oil and liquefied natural gas — has sent global energy prices soaring and Trump’s administration scrambling to lower gas prices. With Iran refusing to negotiate on Hormuz and Trump unwilling — or unable — to negotiate a diplomatic offramp to the conflict, further escalation of the conflict is possible and elevated energy prices could remain a drag on the global economy. We want to talk to them, and there’s nobody to talk to,” Trump said Friday. Widening warAt the outset of the war, Iran told regional intermediaries that it was willing to discuss a truce if it had guarantees there will be no further attacks on the country. The crisis is exacerbating global concerns about energy supply, especially after Israel bombed South Pars and Iran attacked Ras Laffan, two major gas facilities.

Source: The Edge Markets March 21, 2026 12:38 UTC