President Trump is working to assemble a coalition of countries to reopen the Strait of Hormuz and hopes to announce it later this week, four sources tell Axios.
- Trump is also weighing a seizure of Iran's critical oil depot on Kharg Island — a move that would require U.S. boots on the ground — if tankers remain bottled up in the Persian Gulf, U.S. officials say.
Why it matters: Oil and gas prices are rising as Iran's blockade of the Gulf's narrow strait drags on, choking off a significant share of the world's crude supply.
