Strait of Hormuz Standoff Sends Shockwaves Through Markets The decision by Iran to keep the Strait of Hormuz closed has sent ripples through global markets, causing a downturn in US stocks and a spike in oil prices.
The news is the latest development in an increasingly complex web of geopolitics that's testing investors' nerves.
Oil prices have surged above $88 per barrel, putting upward pressure on inflation expectations and interest rate hike probabilities.