Gold and metals

Macron and Trump agree to act to ensure navigation in the Strait of Hormuz

French President Emmanuel Macron and US President Donald Trump agreed to act to ease tensions in energy markets and ensure freedom of navigation in the Strait of Hormuz, as the number of cargo ships passing through the strait fell to 12 over two days, compared with 35 at the beginning of the previous week.

Listen to this article

An automatically generated audio version.

0:00
0:00
Macron and Trump agree to act to ensure navigation in the Strait of Hormuz

French President Emmanuel Macron said on Monday that he had agreed with his US counterpart, Donald Trump, to act to ease tensions in energy markets and ensure freedom of navigation in the Strait of Hormuz, as the number of cargo ships passing through the strait fell to 12 on Saturday and Sunday, compared with 35 at the beginning of the previous week.

Macron said after meeting Trump in New York that the talks addressed the situation in the Red Sea and the need to secure the passage of oil tankers, given the importance of shipping traffic to global prices. He described the discussion as “very good and highly constructive.”

Action to calm energy markets

Macron wrote on his X account: “Upon my arrival in New York, I met President Donald Trump, and we agreed to act together to ease tensions in energy markets by protecting critical infrastructure in the Middle East and ensuring freedom of navigation in the Strait of Hormuz.”

A diplomatic source said France was preparing a draft resolution for the UN Security Council on the Strait of Hormuz.

Sharp decline in shipping traffic

Preliminary shipping data showed a sharp decline in traffic through the Strait of Hormuz on Monday, amid continued tensions between the United States and Iran and growing fears of renewed military operations between the two sides, increasing uncertainty among shipping companies over the safety of passage.

In this context, US Central Command said that its forces had rerouted 110 commercial vessels as of September 21, as part of measures it said were aimed at ensuring “full compliance with the blockade” imposed on Tehran.

Talks on energy facilities in Ukraine

On the war in Ukraine, Macron said he had discussed with Trump ways to halt attacks on energy facilities, adding: “We will join forces to reach a truce that halts attacks on energy infrastructure, as well as attacks on civilian infrastructure in Ukraine.”

Macron stressed the need to protect civilians and begin serious negotiations as soon as possible on the terms for achieving peace between Russia and Ukraine. He said he had urged Trump to provide Kyiv with air-defense systems, describing this as a defensive measure. He added that the US president had been “very open to discussion” and that they had discussed details of the two conflicts and their impact on global peace and security.

Read this story in another language

Related stories

Trump Signals New Tariffs on South Korea Over Alaska Investment

U.S. President Donald Trump threatened to impose higher tariffs on South Korea if it does not proceed with investment in a $54 billion liquefied natural gas project in Alaska, while Seoul says the project's economic viability must first be established.

Sisi: Energy Crisis Puts Pressure on Africa as Fuel and Fertilizer Prices Rise

President Abdel Fattah El-Sisi said in remarks at the opening of the El Alamein Africa Business Forum that the current global energy crisis is affecting and putting pressure on African countries because of higher fuel and fertilizer prices, disruptions to supply and shipping chains, and other repercussions.

Slowing U.S. hiring cuts odds of October rate hike to 25%

A slowdown in U.S. job growth to 29,000, versus expectations for 90,000, strengthened the Federal Reserve's inclination to hold rates at its Oct. 27-28 meeting. Investors cut the probability of a rate hike at that meeting to 25% and increasingly bet on a move in December.