US President Donald Trump has given a big statement on March 11, 2026. He has said that oil tankers can now pass through the Strait of Hormuz and there is nothing to fear. According to the report of Saudi News 50, Trump has asked the shipping companies to start their work without fear because America and Israel have destroyed most of Iran’s launchers. After this statement, there has been a sudden decline in the prices of crude oil in the global market.
Is there still danger in the sea?
Despite Trump’s statement, there is still no complete peace in the sea. According to the report of UK Maritime Trade Operations (UKMTO), three ships were attacked on March 11. These include ships from Thailand and Marshall Islands.
The White House has made it clear that at present commercial ships are not being given US Navy protection. However, earlier Energy Minister Chris Wright had talked about providing security, which was later removed. Trump has warned Iran to immediately remove mines from the sea, otherwise it will have serious consequences.
Crude oil prices and major relief measures
After this statement of Trump, many major changes have taken place regarding the supply and prices of crude oil. Many decisions have been taken at the international level to keep the market stable.
The price of crude oil has come down from $120 to $92 per barrel. The International Energy Agency (IEA) has released 400 million barrels of oil from the emergency reserve, which is the biggest relief so far. To make ship insurance cheaper, America is bringing a new insurance scheme worth 20 billion dollars. There has still been a decline of 80 to 90 percent in the number of commercial ships passing through the route.
Situation in Gulf countries and impact on migrants
This tension is having a direct impact on the economy of the Gulf countries. Saudi Aramco CEO Amin Nasser has warned that if this route remains closed, the global economy will suffer huge losses.
Saudi Arabia’s Defense Ministry has destroyed 21 drones and 7 missiles which were coming towards the Kingdom. If this situation continues for a long time, millions of expatriates working in Saudi and other Gulf countries may also be affected. At the same time, Iran’s army (IRGC) has threatened that they will not allow even a liter of oil to go through this route. Iranian officials have also said that if tensions increase, oil could go up to $200 per barrel.