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Oil Prices Surge Over $100 Following Trump's Threat to Block Hormuz Strait

KVIA•Sunday, April 12, 2026 at 11:43 PM•CNN Newsource

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Oil prices have surpassed $100 per barrel after President Donald Trump announced plans to block all ships from entering or leaving the Strait of Hormuz. This move comes amid escalating tensions with Iran, which has been profiting from oil exports and charging significant fees for passage through the strait. As of Sunday, Brent crude rose by 8% to around $102, while U.S. crude reached $104. The anticipated U.S. blockade is set to take effect at 10 a.m. Miami time on Monday, potentially leading to higher gasoline prices, which have already risen 38% since the onset of the conflict. Experts warn that these rising oil costs could also impact food prices due to increased transportation and production expenses.

Key Details: • U.S. oil prices hit $104, Brent crude at $102 as of Sunday. • Trump's blockade on the Strait of Hormuz expected to begin at 10 a.m. on Monday. • Average gasoline price in the U.S. is $4.12 per gallon, up 38% since the war started. • Rising oil prices may lead to increased food costs due to higher transportation and production expenses.

trump gas-prices iran oil-prices hormuz-strait

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