Oil jumps as Trump claims new Hormuz blockade on Iran
Summary
Oil prices rose about 9% on Monday, reaching around $83 per barrel after President Trump said the U.S. was bringing back a naval blockade on Iran. This move contributed to higher oil prices, which could lead to more expensive gasoline in the U.S.Key Facts
- Oil prices jumped roughly 9% to about $83 per barrel on Monday.
- President Trump announced the U.S. is reinstating a naval blockade targeting Iran.
- Trump said the Strait of Hormuz will remain open to all countries except Iran.
- The U.S. plans to charge a 20% fee on all cargo for providing security in the area.
- U.S. average gas prices were $3.87 per gallon Monday, rising 7 cents over the past week.
- Gas prices peaked at $4.56 per gallon in May.
- Ship tracking companies noted fewer vessels passing through the Strait of Hormuz recently.
- The decline in ship movement reverses gains seen after a recent U.S.-Iran agreement.
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