Oil prices climb as US airstrikes and Iranian port blockade
Oil prices are climbing fast this Tuesday, with Brent nearly at $85 and US crude (WTI) around $80 per barrel.
This jump follows the biggest single-day rise since April, thanks to renewed US airstrikes on Iran and a planned naval blockade of Iranian ports starting today.
The situation is making global markets pretty nervous.
Trump 20% fee rejected by Iran
President Trump wants to slap a 20% fee on oil shipments from Gulf countries like Saudi Arabia and U.A.E. who rely on US protection in the Strait of Hormuz.
Iran isn't having it. Foreign Minister Abbas Araghchi firmly rejected the fee, saying Iran will defend its interests as "guardians" of this key waterway.
Tensions have led to attacks on US assets and U.A.E. tankers, while Iran and the UAE ramped up oil exports during a recent ceasefire.
Strait of Hormuz crucial for oil
The Strait of Hormuz is super important: it handles a significant share of global oil trade.
With both sides digging in their heels, what happens next could impact energy prices everywhere.