US Secretary of State Rubio: Hormuz doesn’t belong to any nation state

US Secretary of State Marco Rubio criticizes Iran for considering a tolling system near the Strait of Hormuz, a critical chokepoint to all 20% of global energy supply, saying, “Hormuz tolling would set an unacceptable precedent” during the European trading session on Thursday.

Remarks

Hormuz tolling would set an unacceptable precedent.

You can call it a toll, you can call it a fee, at the end of the day, it’s all semantics.

We won’t accept that Hormuz belongs to any nation state.

We don't want a deal with Iran at any price.

Hope to have a positive outcome with Iran.

We want to ensure that any decision made in this agreement takes into account the interests of allies.

The US, while committed to this process, will make sure that none of the decisions made will counter the interests of our allies and partners.

Market reaction

No immediate impact seen in oil prices after comments from US Secretary of State Marco Rubio. At press time, the WTI Oil price trades lower near $69.50, close to its pre-Middle East war levels.