Trump's blockade of the Strait of Hormuz sends oil prices soaring
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US President Donald Trump's blockade of the Strait of Hormuz has sent oil prices soaring and rattled global markets after US-Iran peace talks collapsed. The blockade has raised fears of energy supplies from the Middle East and pushed inflation up, with oil prices jumping around eight percent on Monday.
The US has blockaded the Strait of Hormuz, a key oil route, after peace talks with Iran failed. The blockade applies to vessels traveling to or from Iranian ports. The US military will seize control of maritime traffic, with Iran's Revolutionary Guards warning enemies of a 'deadly vortex' if they make a wrong move. Oil prices have soared, with both contracts topping $100 a barrel. The global economy is feeling the impact, with equities falling across Asia. The US-Iran conflict has raised inflation fears and weighed on gold.
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