U.S. Steps Up Fight to Reopen Strait of Hormuz
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Oil futures retreat as countries step in to try and calm markets. Plus, Dubai pairs an advertising blitz with a social media crackdown to protect its image.
So part of Dubai's appeal is its safety. And it only took a few days to puncture a reputation that took them decades to build.
And we'll get the latest from D.C. as Congress ends another week no closer to resolving a partial government shutdown. It's Friday, March 20th. I'm Luke Vargas for The Wall Street Journal. And here is the AM edition of What's News, the top headlines and business stories moving your world today. The U.S. military is scaling up efforts to try and reopen the Strait of Hormuz. We report that the operation involves attacking Iranian naval vessels with low-flying jets and hunting drones with Apache helicopters, an effort meant to clear away a web of Iranian assets that have harassed traffic through the maritime chokepoint. While Defense Secretary Pete Hegseth says the U.S. has now damaged or destroyed more than 120 Iranian naval vessels, experts say the mission could take weeks to show results, with Iran still believed to have a vast stockpile of mines and hundreds of undamaged boats stored in tunnels along its coast and on islands.
Well, adding urgency to that mission is a new projection from Saudi officials that oil prices could top $180 a barrel if disruption to the region's energy supplies continues late into next month. We report it's not an outcome the kingdom wants, with prices that high potentially leading consumers to slash oil use, triggering a recession, or casting Saudi Arabia as profiteering off of the war. Saudi Aramco, the country's national oil company, declined to comment. Meanwhile, oil is steadying today as countries announce steps to keep prices in check. In a bid to stop tit-for-tat attacks on energy infrastructure, Israeli Prime Minister Benjamin Netanyahu says that President Trump asked him to hold off on more strikes against Iran's oil fields.
Treasury Secretary Scott Besant says the U.S. could remove sanctions on Iranian oil that's already at sea. And EU leaders are floating a range of consumer supports, including state-funded aid to offset cost increases and electricity price cuts. Here was European Commission President Ursula von der Leyen.
In some cases, electricity is taxed much more than gas, partially up to 15 times more, and this cannot be. So we will propose to lower tax rates on electricity and to make sure that electricity is taxed less than fossil fuels.
Elsewhere, Gulf leaders are fighting to uphold their country's reputations. Ahead of the war, the United Arab Emirates had built a reputation as being a safe place to live and holiday, an image that Journal Middle East correspondent Omar Abdel-Baki said is being bolstered on social media.
Influencers are showing videos of malls and cafes that have a lot of people so that it just looks like everything is normal and that it's a normal day in Dubai.
And for its part, Dubai has also created its own marketing campaign.
But with the UAE on the receiving end of more than 1,600 Iranian drones and more than 300 missiles, Omar says that officials are now supplementing those glossy marketing efforts with a crackdown on contradictory posts.
Dubai police have issued stern warnings against any content that may cause public panic. They say that sharing rumors, false information, or any content that contradicts official announcements is prohibited. Violators could risk prison time of at least two years and fines of more than $50,000. And they started an arrest campaign and they arrested at least two dozen people, including people who just filmed and posted video clips documenting missile attacks and interceptions.
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