Oil jumps 5% as Trump reinstates Hormuz blockade on Iranian shipping

Donald Trump reinstated the US blockade of Iranian shipping in the Gulf and announced a 20% toll on other countries passing through the Strait of Hormuz for "safety and security". Brent crude climbed 5% to $79.37 a barrel on Monday as a result. Stock markets fell as the US and Iran exchanged strikes in an escalating standoff over the vital trade route.