Oil prices recorded their largest daily percentage increase in years. Former President Donald Trump announced a U.S. naval blockade on Iranian shipping in the Strait of Hormuz. This decision follows renewed military exchanges between the U.S. and Iran.
The Strait of Hormuz facilitates the transport of roughly one-fifth of global energy supplies. International benchmark Brent crude rose above $83 per barrel. Broader stock markets fell as investors weighed the risks of higher inflation and economic instability.