Oil jumps 8% to above $100 ahead of US blockade on Strait of Hormuz

Oil prices surged past $100 a barrel as the U.S. Navy prepared to blockade the Strait of Hormuz, following failed talks to end the war with Iran. This move is expected to significantly restrict Iranian oil shipments and exacerbate existing supply disruptions. President Trump acknowledged potential high oil and gasoline prices through November’s midterm elections.

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