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MOU is DOA. The memorandum of (mis)understanding between the US and Iran is dead on arrival. Act II of the latest Gulf War is underway after a brief interlude. President Donald Trump declared today that the United States will be known as "THE GUARDIAN OF THE HORMUZ STRAIT." He announced that the US is reinstating its naval blockade on Iran and plans to enforce a 20% fee on all cargo passing through the strategic waterway to reimburse the US military for security and safety costs.
As a result, the price of oil is rebounding, and so are concerns that inflation will persist as long as the war continues (chart).
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