US Secretary of State Rubio: Iranian control of Hormuz would have repercussions beyond Middle East

In Wednesday’s Asian session, the US Secretary of State Marco Rubio told Southeast Asian foreign ministers that Iranian control of the Strait of Hormuz, a vital passage to almost 20% of global energy supply, would set a dangerous precedent with repercussions beyond the Middle East.

“If we create a precedent in the Middle East where a nation-state can decide to control an international waterway, charge a toll, and blow up your ships if you don’t pay, we have created a very dangerous precedent that will repeat itself in other parts of the world, including this region,” US Secretary of State Rubio said.

Market reaction

No immediate impact seen in the US Dollar (USD) following remarks from US Secretary of State Rubio. At press time, the US Dollar Index (DXY) trades marginally lower at around 101.15.