Oil Jumps, Stocks Drop on US Plan to Block Hormuz: Markets Wrap

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the worldAmericas+1 212 318 2000EMEA+44 20 7330 7500Asia Pacific+65 6212 1000Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the worldAmericas+1 212 318 2000EMEA+44 20 7330 7500Asia Pacific+65 6212 1000US Stocks:Oil surged while stocks and bonds fell as a brief bout of market optimism unraveled after President Donald Trump ordered a blockade of the Strait of Hormuz, escalating tensions with Iran after weekend peace talks collapsed.Brent crude jumped 6.8% to just under $102 a barrel on concerns a blockade will worsen the flow of energy through the key waterway. Asian shares dropped 0.7%, while S&P 500 futures contracts pared earlier losses to trade 0.7% lower as higher oil prices threatened to weigh on economic growth.