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Oil jumps 3.5% as new strikes threaten Hormuz shipments

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RTÉ News
Oil jumps 3.5% as new strikes threaten Hormuz shipments
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Oil prices surged over 4% following President Trump's announcement of a naval blockade on Iran to secure the Strait of Hormuz. Analysts warn of potential long-term supply disruptions, prompting discussions on expanding regional pipeline capacity to bypass the strait.

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Oil prices rose more than 4% today after US President Donald Trump said the United States was reinstating a naval blockade on Iran, reigniting concerns over energy shipments through the Strait of Hormuz.

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