Whose-muz?

Oil prices saw a significant surge, climbing 9%—the largest jump since 2020—and rising further to $85 per barrel due to geopolitical tensions in the Hormuz Strait, where the U.S. has reinstated a naval blockade against Iran. President Trump announced that ships transiting the area would now pay 20% of cargo value as compensation. This spike in oil prices has major implications for global markets and economies, especially considering the Cleveland Fed’s trimmed-mean inflation measure, signaling potential broader economic impacts.