Oil Prices Soar as Iran-US Tensions Escalate

0:00It's April 20th. Welcome in. This is Global News Today, where global headlines meet AI. Oil prices shot up more than 5 percent today, as tensions between Iran and the United States slammed the Strait of Hormuz, shut again, stranding. Tankers full of crude. That key waterway in the Persian Gulf flipped back to closed after Iran backed off its plan to reopen it, while President Donald Trump kept the U.S. Navy blockade on Iranian ports locked in tight. As Vince Mark Crude jumped 5.6 percent to $87.20 a barrel, and Brent Crude rose 5.3 percent too. $95.16. Over in Asia, Tokyo's Nikkei climbed 1 percent to $59,045. South Korea's Coast Beacon 1.1 percent, and other, indexes like Hong Kong's Hang-Sing edged up too. Markets had rallied hard on Friday when Iran announced the Strait was open for business, sending U.S. stocks to records. The S&P 500 up 1.2 percent to $7,126, the Dow surging 1.8 percent, with that hope faded

1:08quick as oil plunged 9 percent before bouncing back on the fresh standoff. Trump confirmed the Navy grabbed an Iranian cargo ship trying to dodge the blockade, and Iran called it piracy with a response coming soon. With a shaky two-week ceasefire expiring Wednesday, traders are bracing for more wild swings in energy costs and global trade.