President Donald Trump has ordered the U.S. Navy to blockade all vessels coming into and out of the Strait of Hormuz, following a series of failed peace talks between the two countries. The move comes as the deadline for the blockade is set to begin. The announcement sent oil prices more than 8% and led to a drop in consumer confidence in April. Meanwhile, Hungary's Viktor Orban has conceded defeat in a landslide election victory by the opposition Tisza party, a major setback for his allies in Russia and Washington. The pharmaceutical industry is being squeezed by President Donald Trump's aggressive trade and drug-pricing policies and China's biotech boom.