U.S. crude oil and Brent futures climbed about 5% after U.S. President Donald Trump said the United States would reimpose a naval blockade on Iran, fueling market concerns that tighter restrictions on Iranian oil exports could disrupt global energy supplies.
Meanwhile, spot gold extended its decline, falling 2% to $4,039.24 per ounce amid broad selling pressure across global markets.
Trump said the United States would reimpose a naval blockade on Iran and impose a 20% fee on all goods shipped through the Strait of Hormuz, after Tehran announced it had closed the strategic waterway.
He also said the United States would be “paid” for protecting the Strait of Hormuz after declaring that Washington was “in the process of taking control” of the strategic passage.
Trump added that while the United States had protected the strait for years without compensation, it would now receive payments from wealthy nations.
“We will be paid for protecting it. A lot of money. We simply want to be compensated for everything we have done and for putting our people at risk,” Trump said.
