Unable to force Iran to reopen the Strait of Hormuz militarily or through negotiations, Trump announced instead a blockade of the critical passage.

“Effective immediately, the United States Navy, the Finest in the World, will begin the process of BLOCKADING any and all Ships trying to enter, or leave, the Strait of Hormuz.”

Oil prices spiked back above 100.

Futures fell sharply in the pre-market, but have recouped about two-thirds of their losses.

And, a very large gap remains at 6618.26 – about 200 points lower.