Oil Surge on Trump Blockade Warning Tests Stocks' Resilience
After US President Donald Trump indicated that a naval blockade in the Strait of Hormuz might continue for 'months', crude oil prices soared to their highest level in four years. Brent crude, which serves as the global benchmark, experienced an increase of up to 7.3 percent, exceeding US$126 per barrel. This spike followed news of Trump's meeting with oil executives on Tuesday to explore options for prolonging the blockade.
Key facts
- Crude oil prices jumped to a four-year high
- US President Donald Trump suggested a US naval blockade of the Strait of Hormuz could last for 'months'
- Brent crude surged as much as 7.3 per cent, surpassing US$126 a barrel
- Trump met oil executives on Tuesday to discuss ways of extending the blockade
Entities
Locations
- Strait of Hormuz