Oil prices surge after Trump says U.S. will blockade the Strait of Hormuz
By Steve Kopack The price of oil surged Sunday night after President Donald Trump said the U.S. would blockade the Strait of Hormuz after peace talks with Iran failed. U.S. crude oil soared 8%, to more than $104 per barrel. International Brent oil jumped more than 7%, to $103 per barrel. Wholesale gas prices also spiked 6%, while heating oil, a proxy for jet fuel prices, jumped 10% in early trading. Stock futures declined sharply. Futures that indicate where the S&P 500 will trade fell 1%, Nasdaq 100 futures slid 1.3%, and Dow futures tumbled more than 500 points. “Effective immediately, the