Oil Price Slides Below $100 as China Defies US Hormuz Blockade
BeInCrypto
Oil prices dipped below $100 after China signaled it would continue shipping through the Strait of Hormuz despite a US naval blockade.Summary
US oil prices fell below $100 per barrel after an initial surge, following China's defiance of the US naval blockade in the Strait of Hormuz. Chinese Defense Minister Admiral Dong Jun announced that Beijing will continue honoring its energy and trade agreements with Iran, asserting that Chinese vessels will persist in using the strait. This development forces a market reassessment of the blockade's effectiveness. Meanwhile, President Trump has issued a new ultimatum, setting an April 27 deadline for Iran to reach a deal or face further consequences.
(Source：BeInCrypto)