Trump Reinstates Iran Port Blockade, Imposes 20% Hormuz Toll as Oil Surges 9% Overnight

President Donald Trump announced yesterday that the U.S. will reinstate its blockade of Iranian ports and impose a 20% toll on cargo transiting the Strait of Hormuz. U.S. Central Command said the blockade will resume at 4 p.m. ET today. Oil prices spiked more than 9% following the announcement, with Brent crude recording its biggest one-day jump since 2020.
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