The U.S. military is set to begin a blockade of Iran's ports and coastal areas starting at 10 a.m. ET, but will allow ships to transit the Strait of Hormuz if traveling between non-Iranian ports. President Donald Trump also announced that he won't press Iran for another round of negotiations after peace talks failed to secure a deal. The lack of agreement to end the war or defuse tensions, coupled with the blockade, led to an 8% increase in the price of U.K. crude oil. Meanwhile, Rep. Eric Swalwell and Rep. Tony Gonzales have been suspended from their gubernatorial campaigns due to sexual misconduct allegations. Hungary's authoritarian leader, Viktor Orbán, conceded defeat after 16 years in power.