Brent crude rises 5% after US president says 20% toll will be imposed on key trade route to cover ‘safety and security’
Oil prices rose 5% on Monday as Donald Trump reinstated the US blockade of Iranian shipping in the Gulf and will charge other countries to pass through the strait of Hormuz.
As the US and Iran exchanged strikes amid an escalating standoff over the vital trade route, the price of Brent crude climbed to $79.37 a barrel.
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This article was originally published by The Guardian and written by Lauren Almeida and Jillian Ambrose.
Read original article on The Guardian