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Oil Prices Surge Following US Plans to Block Iranian Ports

KVIA•Monday, April 13, 2026 at 9:23 AM•CNN Newsource

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Oil prices experienced a significant increase on Monday after the U.S. military announced a maritime blockade on Iranian ports in the Strait of Hormuz, set to begin at 10:00 a.m. Miami time. The global benchmark, Brent crude, rose by 7% to approximately $102 per barrel, marking a 40% increase since the onset of the ongoing conflict. This blockade, which aims to restrict Iranian oil exports, could escalate tensions in the region and further tighten global oil markets. Iran, responsible for about 4% of the world's oil supply, has been exporting more crude since the war began, averaging 1.85 million barrels daily. The potential impact on the global economy could be profound, affecting not only oil prices but also stock markets worldwide.

Key Details: • Maritime blockade starts at 10:00 a.m. Miami time on Monday. • Brent crude oil price increased to approximately $102 per barrel. • Iran's oil exports averaged 1.85 million barrels daily as of March. • Potential for increased tensions in the Strait of Hormuz.

economy global-markets us-military iran oil-prices

People & Organizations

Donald TrumpIranU.S. Central CommandStrait of HormuzCapital EconomicsNeil Shearing

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