Norway finance minister warns Hormuz crisis could rattle economy

Norway’s finance minister, Jens Stoltenberg, warned Monday that the crisis in the Strait of Hormuz could have consequences for the country’s economy.

Stoltenberg told broadcaster NRK that the US blockade on shipping traffic in the region could make it more difficult to move oil and gas through the Hormuz.

"It will contribute to higher energy prices. It could contribute to higher inflation worldwide, and it will also affect the Norwegian economy," he noted.

The US military on Monday began a blockade of all maritime traffic entering and exiting Iranian ports.

The US Central Command (CENTCOM), which oversees military operations in the Middle East, said Sunday that the blockade will be "enforced impartially against vessels of all nations" entering or leaving Iranian ports in the Gulf and the Gulf of Oman.

The move followed rare direct talks between the US and Iran in Pakistan over the weekend aimed at ending the war that began on Feb. 28, but the negotiations failed to yield an agreement.