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A dramatic escalation in tension over the Strait of Hormuz drives oil prices and risk assets higher in early trade.
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Crude oil prices surged Sunday, as the U.S. and Iran teetered on the brink of a renewed war after attacks on commercial ships in the Strait of Hormuz.
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The price of oil jumped sharply and stock futures tumbled Sunday evening as traders digested renewed tensions between the U.S. and Iran over the critical Strait of Hormuz.U.S.
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Traders, hopeful on Friday that a peace deal was near, were digesting the developments over the weekend.
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Maritime and military law experts say an expansion of the naval blockade announced last week raises legal and practical questions but has ample historical precedent.
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Secretary of Energy Chris Wright's acknowledgment in a TV interview undercut President Trump's earlier claim that price increases would be "short-term."
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In Luanda, Catholics expressed love and admiration for Pope Leo XIV, the first American pope, but not so much for President Trump because of the war in Iran.
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