"Global Oil Markets on High Alert as US Imposes Strait of Hormuz Blockade: The US Navy is set to enforce a contentious blockade of the strategic Strait of Hormuz today, a move aimed at crippling Iran's oil exports and crippling the country's economy. The blockade, announced by President Donald Trump over the weekend, targets Iranian vessels and ships that have paid a toll to Iran for passage through the strait, a crucial waterway that connects the Persian Gulf to the Gulf of Oman and accounts for nearly 20% of the world's oil exports. The move is expected to send oil prices soaring, with prices already jumping back above $100 a barrel in the wake of the announcement. As tensions between the US and Iran escalate, the global oil market is bracing for a potential storm, with far-reaching implications for economies and consumers worldwide."
US Navy to impose blockade today in bid to choke off flow of Iranian oil Explainer: strait of Hormuz blockadeBusiness live – latest updatesOil prices have jumped back above $100 a barrel after weekend talks between the US and Iran ended without an agreement and Donald Trump imposed a blockade of the strait of Hormuz.The US president announced the blockade on Sunday, targeting Iranian vessels and ships that have paid a toll to Iran for passage through the strait, in an attempt to choke off the flow of Iranian oil. Continue reading...
