Brent crude oil, the international standard, was trading around $115 Monday, up nearly 60 percent from when the Iran War started in late February.
Secretary of State Marco Rubio said on March 30 that the Trump administration has options to address the possibility that Iran would block the Strait of Hormuz or impose a toll on oil tankers.
President Donald Trump on Monday morning warned Tehran that the U.S. military could blow up Iranian energy infrastructure if the regime does not move to open the strait, a key waterway that connects the oil-rich Persian Gulf nations with the broader Indian Ocean. But he also stressed that talks between the two nations are ongoing, and progress has been made.
“Now, they are making threats about controlling the Hormuz Strait in perpetuity, creating a tolling system and the like,” Rubio told ABC News on Monday morning, referring to Iran.
“That’s not going to be allowed to happen. And the president has a number of options available to him, if he so chooses, to prevent that from happening.”
Rubio did not elaborate on what actions Trump could take to secure the strait, saying he cannot speak on the matter.
“The Iranians are threatening that they are going to set up some permanent system in the Straits of Hormuz where they get to decide who goes through international waterways,” Rubio said.
“That will never be allowed to happen. By the way, the rest of the world should take note of that.”
Since the start of the conflict in late February, Iran has effectively kept the waterway closed, with some commercial vessels being attacked. Oil prices have surged, raising concerns about a global energy crisis.
Brent crude oil, the international standard, was trading around $115 Monday, up nearly 60 percent from when the war started. As of Monday, according to the American Automotive Association (AAA), the price for a gallon of regular gasoline stood at $3.99 nationwide, up more than $1 since the war began.
Rubio said Trump prefers to handle such situations diplomatically and described how the negotiations are unfolding. Rubio said, however, that he cannot disclose the names of Iranian officials whom the administration has contacted.
“There is messages being relayed back and forth, some conversations going on, including through intermediaries,” he said. “And [Trump] always prefers that.”
