US Announces Naval Blockade of Strait of Hormuz Amid Tensions with Iran
Stocks were mixed as the US announced a naval blockade of the Strait of Hormuz following stalled peace talks with Iran. Crude oil prices surged over 5% amid fears of disrupted global oil supply, with about 20% of global oil and LNG passing through the strait. Iran warned of retaliatory measures against ports in the Persian Gulf.
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Topics: blockade geopolitical tensions market reaction oil prices Strait of Hormuz US-Iran relations