By Jarrett Renshaw and Timothy Gardner WASHINGTON, March 3 (Reuters) - The U.S. Navy could begin escorting oil tankers through the Strait of Hormuz if necessary, President Donald Trump said on Tuesday ...

Indonesia will increase crude oil imports from ​the United States to replace some supply from the Middle ‌East amid an escalating war in the region, its energy minister said on Tuesday.

One-fifth of the global oil supply and substantial amounts of natural gas travel through the Strait of Hormuz, which has become a no-go zone for many tankers as fighting continues.

Throughout American history, access to natural resources has helped determine which states and cities gained economic advantages, and few resources have been as transformative as oil and natural gas.

Oil prices are up sharply as the widening Iran war disrupted tanker traffic through the Strait of Hormuz, highlighting how important the passageway is to the world’s oil supply.