Oil prices surge after Trump says U.S. will blockade the Strait of Hormuz
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The US has announced a blockade of the Strait of Hormuz in response to Iran's refusal to reopen the key oil route. The move has caused oil prices to surge and stock futures to sink, with the blockade set to begin at 10am ET.
The US is set to blockade the Strait of Hormuz, a key oil route, in response to Iran's refusal to reopen it. The blockade will apply to all ships entering or exiting the strait. The US Central Command has clarified that American forces will not impede freedom of navigation for vessels transiting the strait to and from non-Iranian ports. The move has caused crude oil prices to surge. The blockade is set to begin at 10am ET. The US action is an attempt to pressure Iran to reopen the strait after peace negotiations collapsed.
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