Oil tops $100 after Trump warns US may block Hormuz
Business
Oil prices just shot past $100 a barrel after President Trump warned the US might block the Strait of Hormuz, a key route for global energy.
This follows failed weekend talks between the US and Iran, with Brent and WTI crude both jumping around 8%.
Basically, filling up your car or booking a flight could get pricier soon.
US to restrict Hormuz access Monday
Starting Monday, the US will restrict access to the Strait of Hormuz, which affects nearly 20% of the world's energy supply.
European gas prices also spiked 18% as markets reacted.
Meanwhile, Saudi Arabia is trying to keep things steady by restarting key pipelines and oil fields, but ships are still facing delays and detours due to ongoing regional tensions.