Oil up nearly 10% as Iran blockade announced

Oil rose nearly 10% after an Iran blockade was announced, underscoring heightened risk for shipping through the Strait of Hormuz and the potential for disruptions to energy flows. The article says the U.S. is moving toward a total blockade of Iran while attempting to keep oil moving by escorting ship convoys in the region and charging a 20% toll. It links the day’s sharp price jump to expectations shifting after President Trump held firm and announced the blockade, followed by additional details from the U.S. Navy. West Texas Intermediate was last up $6.87 to $78.27, about 9.6% on the day. The piece also warns of rising risk that Iran could strike oil infrastructure in neighboring countries. It adds that gold fell by $123 on expectations of selling reserves by major importers to manage currency strength or fund oil purchases.