Global Oil Prices Soar Amid US-Iran Tensions and Naval Blockade

Today's Webdesk: Global political tensions and war clouds have had a direct impact on the world market. As US President Donald Trump announced a naval blockade of the Strait of Hormuz against Iran, global crude oil prices jumped sharply. Brent crude prices jumped more than 8% to over $103 per barrel on Sunday on fears of major disruptions to energy supplies. Al Jazeera reports that oil prices, which reached $111 earlier this week, are now back in the triple digits. After ceasefire talks between Washington and Tehran broke down, Trump announced that the US Navy would stop all shipping through the Strait of Hormuz. A large portion of the world's energy supplies pass through the strait, so Trump's announcement naturally caused concern around the world. Although the blockade has been in place for some time, it is clear that the new guidelines will be in place by Monday morning and will be in effect for 10 weeks.