Trump reinstates Hormuz blockade and demands 20% cargo surcharge

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President Donald Trump reinstated the US blockade of Iranian ships transiting the Strait of Hormuz and demanded a 20% reimbursement for all other cargo shipped through the waterway.

US stocks steadied as traders refrained from making big bets ahead of a jam-packed day that will see the unofficial start of the earnings season, along with testimony from Fed Chair Kevin Warsh and US inflation data. Higher crude prices kept bets on a July US interest rate increase in place, with swap markets signaling a chance of a hike when the Federal Reserve meets later this month.

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