Oil Surges After Trump Threatens 20% Toll on Hormuz Shipping
Part of composite article Oil Hits $80 as US Blockade Sparks Stock Drop View full article →
Oil prices jumped the most since April after US President Donald Trump said he would reimpose a blockade on Iranian ships in the Strait of Hormuz. He also demanded a 20% charge on all other cargo moving through the waterway. The announcement crushed hopes for a quick recovery in shipping flows through the vital oil corridor.