Oil prices spike sharply after Trump threatens further strikes against Iran

The UN Security Council was supposed to vote Friday on whether countries can use force to protect ships passing through the Strait of Hormuz. But the vote got pushed back. The reason given was that the UN observes Good Friday as a holiday. Many found that odd since everyone already knew about the holiday when the vote was scheduled.

No new date has been set.

Iran has been blocking this critical waterway for about a month now. It started after US and Israeli strikes hit the region. The blockade is hurting fuel supplies and shaking economies around the world.

Bahrain brought the proposal to the table. Their UN ambassador said the whole world is feeling the pain. He called it “economic terrorism.” The draft resolution would allow countries to use defensive force in the strait. Either alone or together with other navies. It would stay in effect for at least six months.

The text has been rewritten several times to win over skeptical members. Russia, China and France all have veto power. China said allowing force would only make things worse. Russia has called the measure one-sided. France’s president earlier said a military operation there is simply unrealistic.

Analysts say the resolution faces very tough odds.

About one fifth of the world’s oil and natural gas normally flows through the strait. Right now that flow is nearly frozen. Prices for oil, gas and fertilizer are climbing fast.

The Gulf Cooperation Council, which includes Saudi Arabia, UAE, Bahrain, Qatar, Kuwait and Oman, is pushing hard for UN action. Their chief said Iran has blocked ships and set conditions on others trying to pass through.

The US is backing the resolution. American ambassador Mike Waltz said no country should be able to hold the world’s economy hostage.