Oil Prices Rise Over 2% Amid Mideast Tensions and Hormuz Shipping Fee Announcement
Oil prices increased over 2% as U.S. President Donald Trump announced plans to impose shipping fees on vessels transiting the Strait of Hormuz at a rate of 20%. The move, along with reinstating a blockade near Iranian ports, has raised concerns about potential disruptions in global crude supply and could lead to higher oil prices for an extended period.
