Trump announces U.S. blockade of Strait of Hormuz impacting oil

AI Summary

President Donald Trump announced that the U.S. will blockade the Strait of Hormuz following failed peace talks with Iran. This blockade will involve the U.S. Navy and is aimed at preventing Iran from profiting while restricting access to the strait, which carries about 20% of the world's oil. The decision follows talks that lasted over 21 hours and included demands from Iran for control of the strait and other concessions. Oil prices have previously surged above $100 per barrel, indicating potential market volatility due to geopolitical tensions.