President Donald Trump has announced that the White House is preparing to reveal which nations have agreed to join a coalition aimed at protecting oil tankers navigating the Strait of Hormuz — while voicing frustration at allies unwilling to participate.
The announcement comes as oil prices retreated on Monday, with international benchmark Brent crude sliding 2.84% to close at $100.21 per barrel and U.S. West Texas Intermediate dropping 5.28% to settle at $93.50 — pulling back from an earlier breach of the $100 mark.
The dip follows a dramatic rally that saw crude prices surge roughly 40% during the U.S.-Iran conflict, hitting their highest levels since 2022 as shipping through the strategic strait faced severe disruption. Brent had crossed the $100 threshold for the first time in four years just last week.
“Some are very enthusiastic, and some are less than enthusiastic,” Trump told reporters. “And I assume some will not do it. I think we have one or two that will not do it that we’ve been protecting for about 40 years at tens of billions of dollars”, Trump said.
Treasury Secretary Scott Bessent confirmed that the U.S. is permitting Iranian oil tankers to continue passing through the Strait of Hormuz — the narrow but vital waterway that handles approximately 20% of global oil supply.
In a separate interview with NBC News, President Trump boasted that U.S. strikes had “totally demolished” much of Iran’s Kharg Island, adding that forces “may hit it a few more times just for fun.”
The strikes, ordered Friday, targeted Iranian military assets on the island. Trump maintained that oil infrastructure was left intact — but warned that crude facilities could become fair game if Iran persists in attacking tankers along the critical strait.
According to U.S. officials who spoke to The Wall Street Journal, the White House could announce as early as this week that several countries have signed on to help escort tankers through the waterway. However, discussions are still ongoing over whether such an operation would be launched before or after the conflict concludes.
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U.S. Ambassador to the United Nations Mike Waltz echoed Trump’s threat, reiterating that oil infrastructure on Kharg Island remains a potential target. The stakes are significant — JPMorgan estimates that roughly 90% of Iran’s oil exports flow through the island, which sits within a country that was producing around 3.2 million barrels per day as of February, per OPEC data.
“He deliberately hit the military infrastructure only, for now,” Waltz told CNN in an interview Sunday. I would certainly think he would maintain that optionality if he wants to take down their energy infrastructure.”
According to Natasha Kaneva, head of global commodity strategy at JPMorgan, the U.S. strikes on Kharg Island and Trump’s threats against Iran’s oil infrastructure signal a marked escalation in the conflict.
In a Friday note to clients, Kaneva warned that a direct hit on Iran’s export terminal on the island would immediately choke off the bulk of its 1.5 million barrels-per-day in crude exports — likely provoking severe Iranian retaliation in the Strait of Hormuz or against regional energy infrastructure.
The closure of the strait, the critical conduit linking the Persian Gulf to global energy markets, has already triggered the largest oil supply disruption in history.
Oil prices continue to climb despite a sweeping international response — more than 30 countries have agreed to collectively release 400 million barrels from strategic reserves in the largest coordinated stockpile release ever recorded.
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The U.S. is contributing 172 million barrels from its Strategic Petroleum Reserve. The Paris-based International Energy Agency, which is overseeing the effort, announced Sunday that Asian nations would begin releasing emergency supplies immediately, with countries in the Americas and Europe set to follow by end of March.
U.S. Energy Secretary Chris Wright urged caution on expectations, stating there is no guarantee oil prices will ease in the weeks ahead. Speaking to ABC News, Wright acknowledged the inherent unpredictability of wartime conditions while insisting the military campaign against Iran had prevented the situation from becoming far worse.