US forces will begin implementing the blockade, which applies only to vessels entering or departing Iranian ports, from 10am New York time on Monday, the US Central Command said. The president’s announcement of the blockade plans came hours after the US and Iran failed to reach a deal in direct talks in Pakistan.
(April 13): US President Donald Trump’s move to blockade the Strait of Hormuz risks deepening an unfolding economic crisis for Asia’s energy-dependent economies, including America’s allies in the region and China.
“For the global economy and markets, the latest developments shift the focus back toward downside risks — pointing to higher oil prices and a larger blow to growth and boost to inflation,” Bloomberg Economics analysts including Jennifer Welch wrote in a note. Global benchmark Brent crude oil rallied as much as 8.6% on Monday to more than US$103 ($131.46) a barrel, while European gas futures spiked almost 18% at one point.
