The price of oil rose sharply and stock futures fell due to renewed tensions between the U.S. and Iran over the critical Strait of Hormuz. U.K. crude oil prices jumped by over 7%, to about $90 per barrel, and international Brent crude oil rose by 5%, to around $95 per barrel. Wholesale gas prices also rose by over 4%, and heating oil futures also spiked by 7%. The tensions have exacerbated as major U.,S. stock indexes have recently recovered all losses incurred since the war began, but oil prices have remained elevated, increasing gas prices at the pump and increasing inflation. President Donald Trump also stated that Iran had attacked ships and had "blown a hole" in the engine room of an Iranian ship that tried to get past our Naval Blockade.