Hormuz Blockade Plan Pushes Oil Above $100 as Aluminum and Other Commodities Spike
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Fears around a planned U.S. blockade of the Strait of Hormuz and failed Iran talks sent oil above $100 and helped push aluminum to a four-year high, with Brent and WTI jumping more than 7% to about $102.30 and $104.20 respectively. Equity futures tumbled (Dow down roughly 477 points; S&P 500 and Nasdaq about 0.7%), shipping through the strait has plunged from roughly 129 to about 10 vessels per day, and analysts say the announced blockade is narrower than feared because the U.S. Navy will still allow transits between non‑Iranian ports; U.S. gasoline has already topped $4 a gallon after earlier disruptions.