Oil Surges Past $103 As US Moves On Hormuz Blockade

By Staff, Agencies

Global oil prices jumped after Donald Trump announced that the US Navy would enforce a blockade of the Strait of Hormuz, a vital corridor carrying roughly a fifth of the world’s oil supply.

Brent crude, the international oil benchmark, climbed more than 8% and exceeded $ 103 a barrel—the first time it has crossed $100 a barrel since Tuesday, when it briefly traded above $111 a barrel.

Trump’s threat came shortly after talks with Iran in Islamabad ended without progress, initially claiming any vessel paying Iran would be stopped in international waters, though US Central Command later narrowed it to ships entering or leaving Iranian ports.

The measure is scheduled to begin Monday at 10 a.m. Eastern Time [14:00 GMT].

Oil prices have experienced dramatic swings since US-"Israeli" aggression on Iran led Tehran to impose its own partial restriction on shipping in the strait — a vital route for roughly 20% of the world’s oil and natural gas shipments.

The IRG Navy has announced that the strait “will never return to its former state, especially for the US and 'Israel'.”

Tehran has allowed vessels serving friendly nations to pass while barring ships affiliated with aggressor countries and their supporters.

The Iranian parliament has advanced draft legislation to impose transit fees in national currency and explicitly ban US and “Israeli” vessels.

After topping $119 last month, Brent crude fell below $92 last week after a US–Iran ceasefire eased tensions, though Iran has only allowed limited pre-approved shipping through the Strait of Hormuz, keeping overall traffic heavily restricted.

According to maritime analytics company Windward, only 17 ships passed through the waterway on Saturday, compared with an average of about 130 daily crossings before US-"Israeli" aggression. 

The temporary ceasefire is officially in effect until April 22.