President Trump announced the US Navy will blockade Iranian ports starting Monday, escalating the Middle East crisis significantly.
Iranian negotiator Mohammad Baqer Qalibaf responded defiantly after peace talks failed in Pakistan, stating, "If you fight, we will fight."
Crude oil prices jumped dramatically, with US crude rising 8% and Brent crude climbing 7% over fears of supply disruptions.
US Central Command will enforce the blockade impartially. A fifth of the world's traded oil passes through this critical waterway daily.
