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Commodities

US Resumes Maritime Blockade Against Iran, Oil Prices Soar

Guavy AI Editorial Team
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Oil
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The US Central Command announced on Monday that it will resume enforcing the maritime blockade against Iran starting July 14 at 4 p.m. ET.

This move comes after President Donald Trump stated that the Strait of Hormuz would remain open for all nations except Iran, escalating pressure on Tehran.

Oil prices surged in response to the news, with Brent crude futures up around 9% to $83 a barrel and West Texas Intermediate futures at $77.83, according to Koyfin.

The USO ETF jumped nearly 9%, while the ProShares Ultra Bloomberg Crude Oil ETF (UCO) surged around 12%.

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