Due to the failure of U.S.-Iran peace talks, the United States announced a blockade of the global oil shipping chokepoint, the Strait of Hormuz. Crude oil surged 7% and returned to above $100, while U.S. stock index futures fell. Gold at one point dropped 2.2%, wiping out last week’s gains. Bitcoin fell from its previous day’s high of $73,790 to above 70K, with cryptocurrencies falling across the board; overall market capitalization retreated to $2.41 trillion.
The United States will blockade the Strait of Hormuz
On Sunday, the U.S. Central Command said the military will block all vessels entering and leaving Iranian ports at 10:00 a.m. Eastern Time on Monday, including all ports in Alarab Gulf and the Gulf of Oman in Iran. However, the United States will not hinder vessels traveling to and from non-Iranian ports.
Trump wrote on social media:
“Effective immediately, the world’s greatest U.S. Navy will begin blocking any ship attempting to enter or leave the Strait of Hormuz.”
Trump said the United States will intercept any ships paying Iran transit fees to safely pass through the Strait of Hormuz, and will clear mines from within the strait. The blockade will prevent the transportation of nearly 2 million barrels of Iranian oil per day through the waterway, further squeezing global oil supplies, and cutting off an important lifeline for Iran.
Insiders said Trump is considering limited strikes against Iran to break the deadlock in the peace talks.
WTI crude surges more than 7%, U.S. stock index futures fall
Talks held over the weekend in Islamabad broke down, again raising concerns that the U.S.-Iran war could last longer than expected. This would push oil prices higher and continue to put pressure on the global economy.
Brent crude rose 8.4% to $103.24 per barrel; U.S. West Texas Intermediate crude futures (WTI) rose 7.9% to $104.19 per barrel. Dow Jones Industrial Average futures fell by 517 points, a decline of 1.1%. S&P 500 index futures fell 1.1%, and Nasdaq-100 index futures fell 1.2%.
Gold at one point dropped 2.2%, falling below $4,650 per ounce, erasing last week’s gains.
Bitcoin slips to 70K
Cryptocurrencies fell across the board, with a nearly 3% drop over 24 hours, and overall market capitalization retreated to $2.41 trillion.
Bitcoin fell from the previous day’s high of $73,790 to above 70K, and Ether also slipped from $2,300 to $2,189.
Although over the past two weeks Bitcoin ETFs have shown a trend of funds flowing back in, trading activity in derivatives remains sluggish, indicating that market sentiment is still weak.
The article “The United States will blockade the Strait of Hormuz, gold falls, and Bitcoin slips to 70K” first appeared on Chain News ABMedia.
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