The price of oil rose after President Donald Trump announced that the US would blockade the Strait of Hormuz, following failure of peace talks with Iran. Crude oil prices surged by 8%, to over $104 per barrel, and international Brent oil by over 7%. Wholesale gas prices also spiked by 6%, while heating oil, a proxy for jet fuel prices, jumped by 10%. Stock futures also fell sharply, with futures indicating where the S&P 500 would trade falling 1%, Nasdaq 100 futures sliding 1.3%, and Dow futures falling more than 500 points. The Strait is one of the most important waterways for oil and other energy products such as liquefied natural gas. The blockade will only affect maritime traffic entering and exiting Iranian ports.