BUSINESSAXIOS
Oil jumps as Trump claims new Hormuz blockade on Iran
Oil prices rose nearly 9% to $83 per barrel after President Trump announced the U.S. would reinstate a naval blockade on Iran at the Hormuz Strait, restricting Iranian ships while allowing others. Vessel tracking data shows a decline in ships transiting the strait, contradicting Trump's claim of its openness.
Mentioned
Related Signal
Adjacent reporting
- Oil is surging and AI stocks are sinking as Trump reinstates the Iran blockade
- Oil prices rise as the U.S. and Iran fight over control of Strait of Hormuz
- Dow slides, oil rises to nearly $80 a barrel over Strait of Hormuz and AI fears
- Oil prices rise following the latest fighting in the Middle East, as AI stocks sink