Strait of Hormuz ship traffic appears to halt after U.S. blockade announcement

The article reports the U.S. prepared to block ships to or from Iranian ports, and ship traffic through the Strait of Hormuz appears to have stalled while oil prices rose.

U.S. officials announced preparations to block ships bound for or coming from Iranian ports. The announcement came amid reports that shipping through the Strait of Hormuz has largely stalled since late February. Oil prices rose sharply and several Asian markets posted modest declines. Key facts: - The article reports that U.S. military preparations were announced to blockade ships to or from Iranian ports. - Ship traffic through the Strait of Hormuz appears to have stalled, with reports noting limited transit since late February. - Benchmark U.S. crude rose about $6.71 to $103.28 a barrel, and Brent crude rose about $6.20 to $101.40 a barrel, as reported. - Several Asian markets slipped modestly, including Japan's Nikkei, South Korea's Kospi, Australia's S&P/ASX 200 and Hong Kong's Hang Seng. Summary: The reported blockade announcement corresponded with higher oil prices and weakness in some Asian equities. Undetermined at this time.