Oil rallies as Trump restarts Hormuz blockade, rattling markets

Oil rallied more than 9% as Trump said the U.S. would reimpose its Iranian blockade in the Strait of Hormuz, with U.S. crude up 9.4% to $78.14 a barrel and Brent up 9.6% to $83.30, signaling higher gasoline prices ahead as traders weigh geopolitical risk; the move drew international pushback while equities traded lower on broader risk-off sentiment.