US President Donald Trump warned that the North Atlantic Treaty Organization (NATO) faces a “very bad” future if US allies fail to assist in opening up the strait of Hormuz, the Financial Times reported on Monday.

Trump further stated on Sunday that he has demanded about seven countries send warships to keep the Strait of Hormuz open, but his appeals have brought no commitments as oil prices soar during the Iran war.

Meanwhile, Australia’s Transport Minister Catherine King told the national broadcaster ABC on Monday that the country will not send ships.

“We know how incredibly important that is, but that’s not something we’ve been asked, or we’re contributing to,” the Minister said.

Market reaction

At the time of writing, the West Texas Intermediate (WTI) is down 0.08% on the day at $97.35.

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