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Gold slides over 1% as oil surges on Strait of Hormuz closure fears
Gold slid over 1% on Monday as fears of a closure of the Strait of Hormuz drove oil prices sharply higher, reviving expectations of elevated interest rates to combat inflationary pressures from escalating hostilities in the Middle East. Spot gold dropped 1.5% to $4,059.11 per ounce by 0356 GMT. U.S. gold futures for August delivery were down 1.1% at $4,067.10. U.S. and Iranian forces have exchanged heavy missile and drone assaults, with Tehran targeting U.S. facilities in states across the Gulf on Sunday and saying it had again closed the vital Strait of Hormuz. Oil prices jumped about 4%, the dollar and U.S. ... (full story)
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The Hormuz Strait is OPEN, and will remain OPEN, with or without Iran. We are reinstating the THE IRANIAN BLOCKADE, so named because it is only stopping Iran’s ships or customers from entering or leaving. All other countries will have fair and open use of the Strait. The U.S.A. will be, from this point forward, known as “THE GUARDIAN OF THE HORMUZ STRAIT,” but as such, and as a matter of FAIRNESS, will be reimbursed, at the rate of 20% on all cargo shipped, for any and all costs necessary to do the job of providing safety and security to this very volatile section of the World. The process and formation will begin immediately. Thank you for your attention to this matter! President DONALD J. TRUMP
*TRUMP: WE'RE TAKING OVER THE STRAIT OF HORMUZ TRUMP: MAY SEE SHUTDOWN IN SEPTEMBER IF FILIBUSTER DOES NOT END *TRUMP, ASKED ABOUT IRAN REBUILDING: IRAN HAS NO CHANCE *TRUMP: WILL PROBABLY RUN HORMUZ *TRUMP: IRAN DIDN'T GET ANYTHING FROM ME TRUMP: HIT IRAN VERY HARD LAST NIGHT TRUMP: WE'RE GOING TO GET PAID FOR GUARDING STRAIT TRUMP ON IRAN: THEY'RE A BAD GROUP OF PEOPLE - INTERVIEW
Oil prices raced upward on Monday as President Trump said the US would reimpose its blockade of the Strait of Hormuz and begin charging a 20% fee on any cargo shipped through the vital waterway, further complicating an already volatile situation in the Middle East. Futures on Brent crude (BZ=F), the international benchmark, jumped roughly 4.7% to trade at ...
