Trump’s Hormuz Blockade Risks Piling on Pain Across Asia

US President Donald Trump’s move to blockade the Strait of Hormuz risks deepening an unfolding economic crisis for Asia’s energy-dependent economies, including America’s allies in the region and China.

“For the global economy and markets, the latest developments shift the focus back toward downside risks — pointing to higher oil prices and a larger blow to growth and boost to inflation,” Bloomberg Economics’ analysts including Jennifer Welch wrote in a note. Global benchmark Brent crude oil rallied as much as 8.6% on Monday to more than $103 a barrel, while European gas futures spiked almost 18% at one point.