U.S. Imposes Blockade on Iranian Shipping, Oil Prices Surge
Oil prices have surged by over 7% to reach $102 a barrel following the U.S. decision to impose a blockade on Iranian shipping through the Strait of Hormuz. This move comes after the collapse of peace talks over the weekend, leaving the fragile ceasefire in jeopardy and continuing to disrupt Middle East energy exports. The blockade aims to exert pressure on Tehran, potentially affecting up to 2 million barrels of Iranian-linked oil flows. The financial markets have reacted with a 'risk-off' approach, as seen in the decline of stock indices like Europe's STOXX 600 and S&P 500 futures. Additionally, U.S. Treasury yields have risen, reflecting increased market uncertainty. 
