FX.co ★ Crude Oil Surges 9%

Crude oil prices surged more than 9%, climbing above $105 per barrel after markets opened, following President Trump’s announcement of a U.S. blockade of the Strait of Hormuz in the wake of collapsed negotiations with Iran. The talks in Pakistan broke down after the U.S. accused Iran of refusing to abandon its nuclear ambitions. Iran had reportedly demanded control of the Strait of Hormuz, war reparations, a regional ceasefire (including Lebanon), and access to its frozen overseas assets.