US Navy to impose blockade today in bid to choke off flow of Iranian oil Explainer: strait of Hormuz blockade Business live – latest updates Oil prices jumped back above $100 a barrel and global stocks fell after weekend talks between the US and Iran ended without an agreement and Donald Trump imposed a blockade of the strait of Hormuz . The US president announced the blockade on Sunday, targeting Iranian vessels and ships that have paid a toll to Iran for passage through the strait, in an attempt to choke off the flow of Iranian oil. Continue reading...