Oil Jumps 13% as Hormuz Blockade Threatens 16 Million Daily Barrels

Crude oil surged 13% in a week, nearing $100 a barrel, MarketWatch reported July 17. The trigger: a US naval blockade of the Strait of Hormuz, a chokepoint carrying roughly 16 million barrels of Persian Gulf oil daily. Households face higher gasoline and diesel costs for as long as the blockade holds.