Oil prices surge as Trump threatens Strait of Hormuz blockade

Oil prices jumped sharply after President Trump threatened to blockade the Strait of Hormuz, a narrow waterway that about a fifth of the world's oil passes through. The threat came as U.S.-Iran peace talks collapsed, and several oil tankers have already steered clear of the area ahead of the possible blockade.

The head of the International Maritime Organization said the blockade is unlikely to change the current shipping hiatus in the region. Meanwhile, three tankers attempted to transit the strait after the U.S. flagged the blockade, and European gas prices also jumped on the news. Copper and aluminum markets were also affected, with copper falling and aluminum spreads spiking.