Home Iraqi News EU maps out plans to shield Strait of Hormuz

EU maps out plans to shield Strait of Hormuz

0
15
EU maps out plans to shield Strait of Hormuz
EU maps out plans to shield Strait of Hormuz

The European Union is increasing its efforts to keep the Strait of Hormuz open, as tensions in the Middle East raise fears about global trade and oil supplies.

In a statement on Monday, EU foreign policy chief Kaja Kallas said she had spoken with Antonio Guterres about protecting the flow of energy and goods through the strait. She also said the EU is reviewing possible changes to Operation Atalanta to strengthen security at sea.

Kallas warned that if the Strait of Hormuz were closed, oil prices could jump sharply. She said some countries—especially in Africa—could struggle to get basic food supplies if shipping through the area is disrupted.

EU leaders are expected to meet in Brussels on Thursday to discuss how the conflict could affect fuel supplies and prices, and to look for ways to reduce rising energy costs.

The concerns come as the conflict between Iran, the United States, and Israel enters its 17th day.

Earlier on Monday, US President Donald Trump said securing the Strait of Hormuz will take time and require cooperation from many countries. He called on members of the North Atlantic Treaty Organization to help protect ships traveling through the waterway.

However, Japan, Australia, the United Kingdom, and France were cautious about the request. They said they first need to decide if joining the mission serves their national interests and whether their ships are ready for such an operation.

The Strait of Hormuz is one of the most important shipping routes in the world. About 20% of global oil and roughly 4.5% of world trade pass through it.

Recent actions by Iran have already slowed shipping in the area. As a result, oil prices have jumped more than 20%, rising above $104 per barrel, the highest level since July 2022.

Previous articleDollar rises in Baghdad and Erbil markets
Next articleOil hovers around $100, stocks mixed as Iran war rages
Dinar Opinions
Dinar Opinions Editorial Team is an independent group of researchers and writers dedicated to tracking Iraqi Dinar developments, Iraq economic news, and related currency topics. Our team monitors Central Bank of Iraq announcements, official Iraqi government statements, and community commentary on a daily basis.We have backgrounds in news aggregation, Middle Eastern economic affairs, and digital publishing. Our editorial approach is straightforward: we clearly separate verified news from community opinion and speculation, so readers always know what type of content they are reading.We do not provide financial advice. All content on Dinar Opinions is for informational and community interest purposes only. Readers are encouraged to consult a licensed financial professional before making any investment decisions related to the Iraqi Dinar or any other currency.Follow us on Facebook: https://www.facebook.com/dinaropinions Follow us on X (Twitter): https://twitter.com/dinaropinions Contact: [email protected]