U.S. oil jumps above $75 a barrel after Trump reinstates Strait of Hormuz blockade on Iranian ships

AI Summary

U.S. oil prices surged above $75 per barrel following the reinstatement of a blockade by the U.S. on Iranian ships in the Strait of Hormuz. This move heightened tensions over shipping access after recent hostilities between the U.S. and Iran.

The U.S. and Iran disputed whether Hormuz was open to ship traffic after trading strikes over the weekend.