Oil prices rise as US Navy moves to blockade Iranian ports: What this means for global supply

What Happened

Global oil prices surged after the United States enforced a naval blockade around Iranian ports. US crude climbed 8 percent to $104.24 per barrel, while Brent crude rose 7 percent to $102.29. The Strait of Hormuz, through which one-fifth of world's traded oil passes daily, faces potential supply disruptions. The US Central Command said the blockade would apply to all nations' vessels. Peace talks scheduled for Friday may affect prices and global oil supply stability.

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