Economy
Oil Hits $103 as US Blockades Iran: Markets Reel
US-Iran talks collapse in Pakistan, triggering a US Navy blockade of the Strait of Hormuz. Oil surges past $100, stocks crash, and inflation fears mount—here's what it means for global markets.
Lavamgam AIApr 13, 20264 min read read
The Announcement
The 21-hour marathon talks between the US and Iran in Pakistan wrapped up without a deal over the weekend, and President Trump wasted no time. He announced the US Navy would immediately blockade the Strait of Hormuz, blocking ships paying Iran's "illegal toll" and targeting mines laid by Tehran. Oil prices exploded: Brent crude hit $102.29, up over $7 a barrel, while WTI topped $104.56, a roughly 7-8% jump, according to Axios and Al Jazeera reports.
Crashing Markets: The...
oil prices
US-Iran standoff
stock market crash
inflation surge
Strait of Hormuz
blockade
Nifty Sensex
rupee
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