French President Emmanuel Macron announced on Monday an "international mission" to escort ships across the Strait of Hormuz and help reopen the key waterway as energy prices soar as a result of the war in Iran. Macron said the mission is "purely defensive" and aimed at "progressively reopening" the strait.
The remarks came as crude prices continue to soar. Brent crude topped $100 a barrel before pairing gains on Monday following reports of a coordinated global action to release oil reserves. However, the price is still an 11.5% increase compared to the previous trading session.
