The Strait of Hormuz blockade threatens a 2008-scale recession - If the Strait of Hormuz remains closed until August, it will increase the risk of an economic downturn comparable in scale to the Great Recession of 2008.

Oil prices aren't buying Trump: Markets are rising despite signs of progress between the US and Iran - Oil prices resumed their rise on Friday after a three-day decline. Markets are pricing in conflicting signals about the progress of peace talks between the US and Iran.