Oil prices spike as Trump plans clampdown on Strait of Hormuz

Oil prices spiked back over $100 a barrel as the markets reacted to Donald Trump's blockade preventing access to the Strait of Hormuz for Iranian bound ships.

In a Truth Social post this morning, the US President confirmed that Washington will begin the blockade on Monday at 10am ET time, following his initial announcement on Sunday after peace talks collapsed.

Trump's chokehold on the Strait will coincide with a blockade already in place by Iran as the war rages on after the failed 21-hour peace negotiation over the weekend.

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