Oil prices leap and stocks fall as Trump reinstates Hormuz blockade on Iranian shipping
by Lauren Almeida and Jillian Ambrose from US news | The Guardian on (#76YY4)
Brent crude rises 5% after US president says 20% toll will be imposed on key trade route to cover safety and security'
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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