Oil tops $100 after blockade
Crude prices jumped back above $100 a barrel after President Trump said the U.S. would block maritime traffic entering and exiting Iranian ports via the Strait of Hormuz, prompting fresh supply‑risk pricing in markets. The move combined with failed Iran peace talks to send oil sharply higher and pushed futures and commodity-sensitive assets lower. (theguardian.com) (reuters.com)
Oil jumped back above $100 a barrel after President Donald Trump said the United States would block ships entering and leaving Iranian ports through the Strait of Hormuz. (cnbc.com) By early Monday trading on April 13, Brent crude had risen about 8% to $102.80 a barrel and West Texas Intermediate was up about 8.6% to $104.88 after both benchmarks fell on Friday, April 10. (thehindu.com) The White House move followed failed weekend talks between Washington and Tehran in Islamabad, and United States Central Command said the blockade would be enforced against vessels of all nations using Iranian ports and coastal areas. (cnbc.com) The Strait of Hormuz is the narrow sea lane between Iran and Oman that carries a huge share of the world’s energy exports. In 2024, about 20 million barrels a day moved through it, equal to roughly one-fifth of global petroleum liquids consumption. (eia.gov) The route matters most because there are few easy detours. The United States Energy Information Administration said flows through Hormuz made up more than one-quarter of global seaborne oil trade and about one-fifth of global liquefied natural gas trade in 2024. (eia.gov) The International Energy Agency said nearly 15 million barrels a day of crude, or about 34% of global crude oil trade, passed through the strait in 2025, with most exports headed to Asia. China and India together received 44% of those crude exports. (iea.org) Markets reacted beyond oil. S&P 500 futures fell as much as 1.1% and Nasdaq futures dropped 1.2% after Trump’s announcement and the collapse of the Iran talks. (telegraph.co.uk) Iran’s Islamic Revolutionary Guard Corps said approaching military vessels near the strait would be treated as a ceasefire breach, while United States officials said ships avoiding Iranian ports would still be allowed to use the waterway. (energynow.com) (cbsnews.com) For oil traders, the immediate question is no longer whether crude can clear $100 again. It is whether a blockade that starts on Monday turns a supply-risk scare into a lasting disruption in the world’s busiest energy chokepoint. (usatoday.com)
