Global Oil Prices Soar Above $100 Amidst US Blockade of Iranian Ports

Global crude oil prices have surged above $100 a barrel for the first time in a significant period, following an order by US President Donald Trump to implement a naval blockade targeting Iranian ports. This escalation comes after failed ceasefire negotiations between the US and Iran. The blockade, effective April 13, 2026, has seen Brent crude futures rise by approximately 7% to $102.80 a barrel, while US West Texas Intermediate (WTI) crude increased by around 8% to $104.88 a barrel. The US military clarified that while the blockade applies to vessels entering or exiting Iranian ports in the Arabian Gulf and Gulf of Oman, it will not impede ships bound for or from other non-Iranian countries transiting the Strait of Hormuz. Iran's Revolutionary Guard stated the Strait remains open for civilian vessels but warned against military ships.