Oil rises 3% after Trump blocks Strait of Hormuz reopening
Oil prices rose by more than 3% at the start of trading due to concerns over renewed geopolitical tensions and Iran's refusal to agree to its terms for opening the Strait of Hormuz, a key passage for global oil trade, which could threaten oil flows and increase pressures on markets. Conversely, the price of gold declined by over 2.7% as a result of rising oil prices and expectations of continued US interest rate hikes, with bond yields increasing and inflation fears growing, reducing gold's attractiveness as a hedge.
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