Oil Price Barely Moves After Iran Says It's Blocking a Key Shipping Route

Oil settled at $78.93 today—up slightly for the day, but down over the month. Iran claimed it has blocked the Strait of Hormuz, a critical shipping lane. Experts had predicted oil would soar to $100+ if that happened. It didn't. Either oil is still flowing, or traders don't believe the blockade will hold. Markets are betting claims and reality won't match.