President Donald Trump says the United States is “reinstating” a blockade on Iran in the Strait of Hormuz and will charge ships for safe passage.
He made the announcement in a post on social media Monday, after another exchange of fire between the United States and Iran over the critical waterway.
A fifth of the world’s oil and gas passed through the strait before Iran asserted control over it after the start of the war.
Iran and the U.S. are nearly halfway through the 60-day period in which they were supposed to negotiate a permanent end to the war and an agreement on Iran’s disputed nuclear program. Instead, a series of attacks over the strait have raised fears of a return to all-out war and further disruption to the global economy.
Oil prices jumped nearly 5% on Monday before falling back. U.S. benchmark crude, which had risen to nearly $120 a barrel at the height of the war, was trading at around $72.92. Markets were mixed.
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