Oil Prices Soar as US Blockades Iran

0:00On April 29th, oil prices just spiked to $117 a barrel after reports that the U.S. is gearing up for an extended blockade of. Iran's ports President Trump reportedly told his team to ramp it up, aiming to choke Iran's economy and oil exports amid the ongoing war. This comes as Iran keeps messing with ships in the straight of Hormuz, which has been mostly shut down for weeks. The blockade kicked off after Iran warned it'd target any vessels near the strait, prompting the U.S. to start turning back or intercepting them. Prices have been while dropping to $90 on April 17th after a brief ceasefire pause between Israel and Lebanon, but climbing steady. Over the last 12 days as the squeeze continues, BBC analysis spotted at least four Iranian ships slipping through the line anyway. Folks are feeling the pinch worldwide, especially with gas and diesel costs up in places like the UK, and experts warned prolonged disruptions could. Lead to shortages and broader price hikes.

1:00Iran's hurting bad too. Annual inflation hit 53.7%. The reals that record lows, and about 2 million jobs are gone from the P. Conflict. Trump took to true social Wednesday, telling Iran to get smart and cut a deal soon, saying they can't get their act together. Officials say extending the blockade beats bombing again or bailing out, while Iran claims it'll tough it out via other routes. Stocks dipped across Europe and the U.S. open, though Asia bounced back some. World Bank predicts energy prices could surge 24% in 2026, if the worst wraps by May, the highest since Russia's Ukraine. Push. Keep watching these tensions, they could reshape global markets for months. That's the story for today. Global news today, driven by AI.