Trump Orders Iran Blockade as Oil Nears $150 in Europe and Stocks Slip
On Monday, Europe’s spot crude market spiked—North Sea Forties crude shot up to a record $148.87 a barrel—as the U.S. made good on its warnings to Iran. U.S. stock futures slipped after a notice to mariners confirmed the blockade on Iranian port traffic would kick in at 1400 GMT. Brent futures, meanwhile, pushed past $100 again. This development ripples far past energy markets. About 2 million barrels per day of Iranian crude could be sidelined after the weekend’s Islamabad talks broke down, and the current two-week ceasefire runs out April 22. Inflation is creeping back into focus, too, with U.S. annual consumer inflation hitting 3.3% in March—the sharpest monthly increase seen in almost four years.