Oil surges and stocks sink as Trump reinstates the Iran blockade

Trump's announcement followed a weekend of renewed strikes between the U.S. and Iran, and came as tanker traffic through the Strait of Hormuz has collapsed

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President Donald Trump reinstated the U.S. naval blockade on Iranian shipping Monday and declared that all non-Iranian cargo transiting the Strait of Hormuz must pay the United States a 20% fee, sending oil prices surging and pushing stocks lower.

Trump announced both moves in a Truth Social post, writing that the U.S. "will be, from this point forward, known as 'THE GUARDIAN OF THE HORMUZ STRAIT,'" and that the toll would reimburse America for "any and all costs necessary to do the job of providing safety and security to this very volatile section of the........

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