"The U.S. would exert a military blockade on ships going through the Hormuz Strait following the failure of mediation to end the current war, prices experienced a hike, as the West Texas Intermediate (WTI) and Brent benchmarks registered a 10% rise at market open."
"The blockade, which will target all maritime traffic entering and exiting Iranian ports, will begin enforcement on April 13 at 10 a.m. ET, as President Trump stated on social media."
"High oil prices might persist until the upcoming midterm congressional elections, with gas prices already reaching $4.08 per gallon according to Gasbuddy data."
The Trump Administration's announcement of a military blockade on the Hormuz Strait led to a significant increase in oil prices, with WTI futures surpassing $104 per barrel. This blockade, targeting maritime traffic to and from Iranian ports, is expected to further elevate gas prices in the U.S., which are already at $4.08 per gallon. The situation is compounded by rising inflation, as indicated by a 0.9% increase in the March CPI, prompting concerns about the impact on the upcoming midterm elections.
Read at news.bitcoin.com
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