Hopes for stability in the Strait of Hormuz faded this weekend as renewed gunfire and a U.S. naval seizure disrupted global markets. Despite a brief announcement of free ship traffic, the Islamic Revolutionary Guard Corps reasserted control, declaring the waterway closed. Reports of attacks coincided with the U.S. Navy’s first ship seizure under its blockade, involving the USS Spruance. Consequently, U.S. oil futures jumped 7.14% to $89.94, while stock futures fell and gold dropped 1.6%. The geopolitical situation remains volatile. Read the full story at Fortune (subscription).
Source · Fortune
