The critical Strait of Hormuz, through which 20 per cent of the world's oil and liquefied natural gas flow, remains largely closed off, raising energy prices and fears of inflation. navy ship sails next to a cargo ship in the Strait of Hormuz as seen from Khor Fakkan, United Arab Emirates, on Wednesday. Iran also responded to Trump's threat that he might attack oil facilities on Kharg Island, the country's main oil hub, if Tehran does not reopen the ‌Strait of Hormuz. WATCH | Seeking help in the strait: Trump seeks help in the Strait of Hormuz | Duration 2:46 U.S. President Donald Trump said NATO could be at risk if he doesn’t get help protecting the Strait of Hormuz, the crucial oil route near Iran. Fujairah is a key exit point for the U.A.E's Murban crude — a volume equivalent to roughly one per cent of global demand.

Source: CBC News March 17, 2026 16:34 UTC