Oil jumps over 2% as doubts linger over U.S.-backed plan to protect Strait of Hormuz shipping

Group 1: Oil Price Movements - Oil prices are experiencing weekly gains, with Brent crude rising 2.45% to $102.57 per barrel and West Texas Intermediate increasing 2.51% to $95.85 per barrel [2] - Prices jumped over 2% amid uncertainty regarding a U.S.-led coalition to protect shipping through the Strait of Hormuz [2] Group 2: U.S. Actions and International Response - The U.S. is issuing a 30-day license for countries to purchase Russian oil and petroleum products at sea, while also planning to announce a coalition to escort ships through the Strait [1] - President Trump expressed frustration over some nations' reluctance to participate in the coalition, indicating that some countries have been protected by the U.S. for decades at significant costs [3] Group 3: Shipping and Supply Chain Disruptions - Ship movements through the Strait of Hormuz have significantly declined due to Iranian attacks, leading to one of the largest disruptions in global oil supply history [3] - The Strait of Hormuz is a critical route for global oil trade, with approximately 13 million barrels per day passing through it, accounting for about 31% of all seaborne crude flows [5] Group 4: Market Challenges - The scale of the oil supply disruption complicates the market's ability to find adequate solutions, with current U.S. proposals for insurance guarantees and naval escorts yet to materialize [4] - Escorting commercial vessels through the Strait may expose naval ships to attacks, leading the U.S. to potentially delay such actions until Iran's attack capabilities are diminished [5]