Oil prices surge past $80 after Trump threatens 20% Hormuz fee and reinstates Iran blockade

Oil prices experienced a significant jump, with Brent crude settling nearly 10% higher at $83.30 a barrel, reaching its highest level in a month. This surge followed an announcement by Donald Trump that the U.S. would reinstate a naval blockade of Iran and impose a 20% fee on cargo transiting the Strait of Hormuz, escalating tensions between Washington and Tehran.