French President Macron Announces 'International Mission' To Reopen Strait Of Hormuz: 'Purely Defensive'

French President Emmanuel Macron announced on Monday an "international mission" to escort ships across the Strait of Hormuz and help reopen the key waterway as energy prices soar as a result of the war in Iran. Macron said the mission is "purely defensive" and aimed at "progressively reopening" the strait.

The remarks came as crude prices continue to soar. Brent crude topped $100 a barrel before pairing gains on Monday following reports of a coordinated global action to release oil reserves. However, the price is still an 11.5% increase compared to the previous trading session.

Iran is also threatening to drive prices higher if the U.S.and Israel continue the war against the country.

A spokesman for the Iranian Revolutionary Guard Corps (IRGC) said that it is "expected that the governments of Muslim countries will swiftly warn the criminal U.S. and the savage Zionist regime against such cowardly anti human actions so that the flames of fire and war do not spread further."

"Otherwise, similar actions will occur in the region, and if you can tolerate oil prices above $200 per barrel, continue this game," the spokesperson added.

Stock futures were down as well as a result of continued geopolitical uncertainty and the energy shock. Should losses continue by the end of the session, it would be the third straight day of losses for U.S. indexes. Axios noted that odds of a U.S. recession jumped to 38% compared to 24% before the war began, according to Polymarket.

Bob McNally, president of Rapidan Energy and a former energy adviser of George W. Bush, said the war has caused the largest oil disruption in history, taking out about 20% of the world's supply, double the previous record during the Suez Crisis in the 1950s.

Trump addressed the spike on Sunday, saying in a social media post that "short term oil prices, which will drop rapidly when the destruction of the Iran nuclear threat is over, is a very small price to pay for U.S.A., and World, Safety and Peace." "ONLY FOOLS WOULD THINK DIFFERENTLY!" he added.