Orban out, Hormuz and Pope Leo

After 16 years of rule, Hungary's Prime Minister Viktor Orban is out after a landslide election victory for the opposition. The U.S. military says it will begin a naval blockade of all Iranian port traffic in the Strait of Hormuz. The move sends global oil prices surging past $100 a barrel. And Pope Leo arrives in Algeria to launch his four-country tour of Africa after President Donald Trump calls him “terrible.” Listen to the Morning Bid podcast ⁠⁠here⁠⁠. Sign up for the Reuters Econ World newsletter ⁠⁠here⁠⁠. Listen to the Reuters Econ World podcast ⁠⁠here⁠⁠. Visit the Thomson Reuters Privacy Statement for information on our privacy and data protection practices. You may also visit megaphone.fm/adchoices to opt out of targeted advertising. Learn more about your ad choices. Visit megaphone.fm/adchoices