Trump Orders Hormuz Blockade Amid Rising Crude Oil Prices

AI Summary

President Trump has ordered a naval blockade of the Strait of Hormuz, effective Monday at 10 a.m. ET, targeting all vessels entering or exiting Iranian ports. This follows a collapse in negotiations with Tehran regarding Iran's nuclear program, causing crude oil prices to surge. U.S. WTI futures for May delivery rose over 8% to $104.40 per barrel, while Brent crude increased over 7% to $101.86. Analysts predict that further tightening of the oil market could drive prices up to $150 per barrel, exacerbating existing inflationary pressures.