New Delhi, April 13 -- Global financial markets have entered a period of intense volatility after President Trump announced a naval blockade of the Strait of Hormuz. The move led to immediate reactions in Asian markets where Japanese and Korean stocks opened lower.

Crude oil prices reacted with a sharp spike, with both Brent and WTI rising between 6 and 8 per cent to trade well above USD 100 per barrel.

"There is a risk of a move after the collapse of the negotiations and also Trump escalating into a blockade, and this evening, late evening in India, all Iranian ports will face a blockade. That's basically a full shutdown of the Strait of Hormuz because Iran won't allow other countries' ships to transit, and Trump won't allow Iranian fl...