Oil Prices Rise as Doubts Grow Over Trump's Ability to Form Tanker Escort Coalition
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Oil prices increased as market uncertainty mounted over whether President-elect Donald Trump will be able to assemble an international coalition to escort oil tankers through the Strait of Hormuz. The narrow waterway between Iran and the Arabian Peninsula serves as a critical chokepoint for global oil shipments, with roughly one-fifth of the world's petroleum passing through the strait daily. Concerns about potential disruptions to this vital shipping route have historically driven oil price volatility, as any interference with tanker traffic could significantly impact global energy supplies and costs.