The conflict between the United States, Israel and Iran has entered its third week, with the Strait of Hormuz — a corridor for roughly one-fifth of global oil and liquefied natural gas flows effectively constrained by Iranian drones and naval mines.

Several U.S. partners, including Germany, Spain and Italy, said they had no immediate plans to send warships to secure the passage, citing legal and political constraints.

German Chancellor Friedrich Merz said Berlin lacked a mandate from the United Nations, the European Union or NATO, and added that Germany had not been consulted prior to the launch of military operations.

Trump, speaking in Washington, said some countries had expressed willingness to assist but criticised others for what he described as a lack of enthusiasm despite long-standing U.S. support.

The disruption in the Strait of Hormuz has heightened fears of supply shocks and inflationary pressure, as energy markets react to restricted flows through one of the world’s most critical maritime chokepoints.Iran has targeted oil infrastructure across the Gulf, including facilities in the United Arab Emirates.

Drone strikes hit an oil facility in Fujairah for a second consecutive day, while operations at key sites, including the Shah gas field in Abu Dhabi, were suspended.

Airspace closures and temporary halts at major hubs, including Dubai’s international airport, underscored the wider economic and logistical impact.

There was no pause in hostilities, with Israel saying it struck Iranian infrastructure in Tehran and positions linked to Hezbollah in Beirut. Israeli officials have indicated plans for at least three more weeks of military operations.

Iran launched overnight strikes on Israel, demonstrating continued long-range capabilities, while warning it would target energy assets in any country facilitating attacks on its territory.

Tehran has also accused the UAE of serving as a launch point for recent U.S. strikes on Kharg Island, a major Iranian oil export hub, signalling a potential widening of the conflict’s geographic scope.

“We see actions by the United States aimed at trying to stabilize energy markets. In this respect, our interests coincide,” Peskov said in remarks carried by Russian media.

The comments followed an announcement by Scott Bessent, the U.S. Treasury secretary, who said Washington had issued a temporary authorization allowing countries to purchase Russian oil cargoes already in transit at sea. The measure extends a similar waiver that had previously applied only to refiners in India.

Bessent said the authorization was narrowly designed to ease market volatility without significantly benefiting the Russian government.

“This narrowly tailored, short-term measure applies only to oil already in transit and will not provide significant financial benefit to the Russian government,” he said in a statement posted on social media.According to Bessent, most Russian energy revenue is generated through taxes assessed at the point of extraction rather than through shipments already in transit.

The decision comes as oil markets react sharply to rising geopolitical risks linked to the widening conflict involving Iran, Israel and the United States.

The waiver has drawn mixed reactions in European capitals, where officials have warned that any easing of restrictions on Russian energy exports could indirectly support Moscow’s war effort in Ukraine.Katherina Reiche, Germany’s economy minister, said she was concerned the measure could help finance Russian military operations.

“I am concerned that we are further filling Putin’s war chest,” Reiche said in Berlin.At the same time, she acknowledged that the U.S. administration faced mounting domestic pressures linked to rising energy costs.“It seems to me that domestic political pressure in the United States is very, very high,” she said.

German Chancellor Friedrich Merz took a firmer stance, saying it was wrong to ease sanctions on Russia for any reason. Similar concerns were voiced by Jonas Gahr Store, the prime minister of Norway, who said sanctions should remain in place.

Oil prices remained elevated above $100 per barrel on Friday as investors reacted to intensifying geopolitical risks. Markets have been particularly sensitive to threats involving the Strait of Hormuz, a critical shipping route for global oil supplies.

Equity markets also declined amid fears that an extended conflict could disrupt energy flows and intensify inflationary pressures on the global economy.

With the conflict entering its third week and no resolution in sight, analysts say investors are increasingly focused on the potential economic consequences of prolonged instability in energy markets.