Oil jumps 6% after Trump reimposes Iran blockade on Strait of Hormuz

Oil prices surged by 6% following President Trump's announcement that the U.S. would block the Strait of Hormuz, a critical shipping route for global oil. This move has heightened concerns over potential disruptions in oil supply, pushing prices higher. The Strait of Hormuz is vital as it controls about a third of the world's traded oil, and any blockade could lead to significant global economic impacts due to increased shipping costs and delays. This situation underscores the delicate balance of global energy markets and geopolitical tensions.