Crude oil surged over 7% on Monday after President Donald Trump announced a blockade of all vessels entering and exiting Iranian ports after ceasefire talks with Iran ended without an agreement over the weekend—reviving fears of a major disruption to global energy supplies.
Brent crude climbed to nearly $102 per barrel and West Texas Intermediate (WTI) topped $104 per barrel. Exchange-traded funds tied directly to oil futures also moved higher, including the United States Oil Fund (NYSE:USO) and United States Brent Oil Fund (NYSE:BNO), which tend to react quickly to price swings and are often used by investors to capitalize on short-term moves.
What Happened?
Trump said in a post on social media platform Truth Social, “Effective immediately, the United States Navy, the Finest in the World, will …
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