Oil Surges, Stocks Fall As Trump To Blockade Strait Of Hormuz
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Oil prices surged and stocks fell after US-Iran peace talks failed and President Donald Trump announced a blockade of the Strait of Hormuz. The blockade aims to prevent Iran from profiting from controlling the waterway, through which a fifth of global oil and gas passes.
The US and Iran failed to reach a peace agreement, leading to a surge in oil prices and a decline in stocks. The US plans to blockade the Strait of Hormuz, a key waterway for global oil and gas. The blockade will apply to vessels traveling to or from Iranian ports. Iran's Revolutionary Guards warned that enemies would be trapped in a 'deadly vortex' if they make a wrong move. The US military will begin the blockade, effective immediately. The move has raised fears of energy supply disruptions and increased tensions in the region.
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