Stock Market Today: Dow, S&P 500 and Nasdaq Cut Losses After Trump Orders Hormuz Blockade Against Iran

Stock Market Today: Dow, S&P 500 and Nasdaq Cut Losses After Trump Orders Hormuz Blockade Against Iran
Stock Market Today: Dow, S&P 500 and Nasdaq Cut Losses After Trump Orders Hormuz Blockade Against Iran

President Trump threatened to destroy Iranian ships in the Strait of Hormuz on Monday, just minutes before the US blockade of the region began.

“Iran’s Navy is at the bottom of the sea, completely destroyed: 158 ships,” Trump wrote Monday morning.

He noted that the United States has not attacked a small number of what they call “fast attack ships” because “we didn’t consider them a big threat.”

“Warning: If any of these ships approach our BLOCKADE, they will be immediately ELIMINATED, using the same killing system that we use against drug traffickers on ships at Sea,” he added.

Over the weekend, Trump announced that the United States would begin a blockade in the Strait of Hormuz on Monday at 10 a.m. ET, restricting vessels entering and exiting the critical waterway.

The measure aims to cut off Iran’s ability to export oil and reduce the country’s control over the passage.

Oil futures trimmed earlier gains but still held above $100 a barrel on Monday.

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