Oil prices surge after Trump says U.S. will blockade the Strait of Hormuz [View all]

Source: NBC News

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 United States Navy, the Finest in the World, will begin the process of BLOCKADING any and all Ships trying to enter, or leave, the Strait of Hormuz," Trump said on Truth Social.

"I have also instructed our Navy to seek and interdict every vessel in International Waters that has paid a toll to Iran," Trump added in the post.

Read more: https://www.nbcnews.com/business/markets/oil-prices-surge-trump-says-us-will-blockade-strait-hormuz-rcna330824