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The Guardian - UK

Business

Lauren Almeida and Jillian Ambrose

Oil prices leap and stocks fall as Trump reinstates Hormuz blockade on Iranian shipping

Oil Iran Hormuz United States SK Hynix Donald Trump Kpler

Vessels anchored in Bandar Abbas along the Strait of Hormuz — The US move to assume control of the strait of Hormuz has cast fresh doubt over hopes that normal flows of Gulf oil and gas will resume. Photograph: Amirhossein Khorgooei/ISNA/AFP/Getty

Oil prices rose 5% on Monday as Donald Trump reinstated the US blockade of Iranian shipping in the Gulf and will charge other countries to pass through the strait of Hormuz.

As the US and Iran exchanged strikes amid an escalating standoff over the vital trade route, the price of Brent crude climbed to $79.37 a barrel.

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