Oil prices hit one month-high as Trump reinstates Iran blockade

Oil prices have surged to their highest levels in a month due to renewed tensions following the US decision to reinstate its blockade against Iran. This comes amid heightened concerns over potential disruptions in the Strait of Hormuz, a critical global oil transit route. The spike underscores the delicate balance of global energy markets, where geopolitical conflicts can rapidly translate into economic impacts. The recent memorandum of understanding between the US and Iran, aimed at de-escalating tensions, seems to be overshadowed by these renewed blockades, suggesting a potential return to instability in the region.