- The U.S. says it is set to start blocking ships from entering or exiting the Strait of Hormuz.
- President Donald Trump slammed Iran for refusing to give up its nuclear ambitions.
- Stock futures sank, and crude oil prices surged ahead of the blockade.
The U.S. on Monday morning is set to start blocking ships from entering or exiting the Strait of Hormuz, attempting to ratchet up pressure on Iran to reopen the key oil route after peace negotiations collapsed.
President Donald Trump, announcing the plan Sunday on Truth Social, slammed Iran for refusing to give up its nuclear ambitions and accused Tehran of “WORLD EXTORTION” by continuing to throttle traffic through the strait.
The U.S. blockade, set to begin at 10 a.m. ET, will apply to “any and all Ships trying to enter, or leave, the Strait of Hormuz,” Trump said.
The U.S. Central Command later added the caveat that American forces “will not impede freedom of navigation for vessels transiting the Strait of Hormuz to and from non-Iranian ports.”
Stock futures sank, and crude oil prices surged ahead of the blockade.
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