Oil prices surge on coalition uncertainty. Brent crude jumped 4% to $103.65 per barrel while West Texas Intermediate rose 4.2% to $97.08 as doubts persist over a U.S.-led military coalition to protect shipping through the critical Strait of Hormuz. President Trump acknowledged the coalition remains incomplete, stating some allied nations are reluctant to participate despite decades of U.S. protection. Treasury Secretary Scott Bessent confirmed the U.S. is allowing Iranian oil tankers passage through the strait. The Strait of Hormuz handles roughly 31% of global seaborne crude flows, making any disruption significant for energy markets. Analysts note mixed administration messaging on the conflict's duration is driving volatility, while promised naval escorts and insurance guarantees have yet to materialize, leaving markets uncertain about supply security.
