Oil jumps as Trump claims new Hormuz blockade on Iran
AI Summary
Oil prices skyrocketed by about 9% Monday, reaching nearly $83 per barrel, following President Trump's assertion that the U.S. was re-establishing a naval blockade against Iran in the Strait of Hormuz. This escalation has added to the tensions already heightened by renewed conflicts over the weekend. The surge in oil prices could lead to higher gasoline prices, potentially driving the national average close to $4 per gallon, impacting everyday consumers and the broader economy.
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