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.
The Pulse
EconomyPoliticsHOTMonday, April 13, 2026
US and Iran Launch Direct Attacks in Strait of Hormuz as Oil Prices Surge Past $100
TLDR
US blockade on Iran ports sent oil prices past $100 a barrel.
Iran re-closed Strait of Hormuz, threatening to target all ships.
US Navy interdicted ~10 vessels; Iran and US report direct attacks.
Saudi Arabia fears escalation; Trump suggests talks in Islamabad.
6 Updates
Update #7\u00b7 Apr 20 · 8:50 AM
Update #6\u00b7 Apr 16 · 3:02 AM
Update #5\u00b7 Apr 15 · 8:01 AM
