Oil soars more than 9% after Trump reinstates Iran blockade
Brent crude surged 9.6% to close at $83.30 per barrel on July 13. The price jump came after President Trump reinstated a naval blockade around Iranian ports.
Brent crude surged 9.6% to close at $83.30 per barrel on July 13. The price jump came after President Trump reinstated a naval blockade around Iranian ports.
Companies trading on Asian markets came under selling pressure amid concerns that higher fuel costs could raise shipping and production expenses. Analysts said the blockade could affect shipments passing through the Strait of Hormuz.
Market watchers said prolonged tension could keep energy-price volatility elevated, with knock-on effects for regional central banks' inflation assessments.
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