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President Trump Moves to Reinstate a Blockade of the Strait of Hormuz as Oil Prices Jump Above $79 a Barrel. Are Oil Stocks Worth Buying Now?

The Motley Fool·
President Trump Moves to Reinstate a Blockade of the Strait of Hormuz as Oil Prices Jump Above $79 a Barrel. Are Oil Stocks Worth Buying Now?

President Trump announced plans to reimpose a naval blockade against Iranian ships in the Strait of Hormuz, causing oil prices to spike to $83/barrel. While oil stocks like ExxonMobil and Chevron rallied on the news, the author cautions that the premium may already be priced in and long-term supply projections suggest global production will outpace demand.

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