NEW YORK: Traders were on Wednesday awaiting further details of President Donald Trump’s plan to guarantee the free flow of energy shipments through the Persian Gulf, as the shipping industry warned the proposal may struggle to restore confidence after attacks effectively shut the Strait of Hormuz.
The disruption threatens to sever seaborne energy trade between some of the world’s largest producers and key consuming nations, heightening risks for global markets.
Brent crude was little changed after jumping more than 10% this week, while European gas prices slipped following the biggest rally in four years.
Trump said Tuesday the United States would offer insurance backstops and naval escorts for commercial vessels transiting the region, seeking to reassure markets rattled by a spiralling conflict involving Iran.
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