“I encourage the Chinese government in Beijing to call them [Iran] about that, because they heavily depend on the Straits of Hormuz for their oil,” Rubio had said in an interview with Fox News on Sunday.
“If they [close the Straits]… it will be economic suicide for them. And we retain options to deal with that, but other countries should be looking at that as well. It would hurt other countries’ economies a lot worse than ours.”
Around 20% of the world’s oil passes through the Strait of Hormuz, with major oil and gas producers in the Middle East using the waterway to transport energy from the region.
Any attempt to disrupt operations in the Strait could send global oil prices skyrocketing.
Oil prices jumped briefly when trading began on Monday, with Brent climbing to $81.40 a barrel. However, it then slid back to around $76.30, below where it had started the day.
In a post on his Truth Social platform, external on Monday, US President Donald Trump said: “EVERYONE, KEEP OIL PRICES DOWN. I’M WATCHING! YOU’RE PLAYING RIGHT INTO THE HANDS OF THE ENEMY. DON’T DO IT!”
Saul Kavonic, head of energy research at MST Financial, said: “The US is now positioned with an overwhelming defence posture in the region to be prepared for any Iran counter-attacks. But the risk for oil prices is the situation could escalate severely further.”