Oil Jumps 9% as Trump Reimpose Hormuz Blockade

Trump announced July 13 a U.S. naval blockade of the Strait of Hormuz, through which roughly one-fifth of global oil transits daily. Markets moved fast: crude spiked 9% to a one-month high before the formal announcement. The blockade collapses a June agreement that had promised to reopen shipping routes, raising questions about whether that deal ever truly took effect.