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Surge in Oil Prices Following Trump's Threat to Blockade Strait of Hormuz

KVIA•Sunday, April 12, 2026 at 10:16 PM•CNN Newsource

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Oil prices surged past $100 a barrel after President Trump announced a potential blockade of the Strait of Hormuz, a critical route for oil shipments. Brent crude rose by 8% to approximately $102, while US crude also increased by 8% to $104. This escalation comes as tensions with Iran continue, with the Islamic Revolutionary Guard Corps warning of severe consequences for military vessels in the area. The blockade is set to begin at 10 a.m. ET on Monday, raising concerns about higher gas prices, which currently average $4.12 per gallon in the U.S., and potential inflationary pressures on food prices due to increased transportation costs. Experts suggest that high oil prices could persist for an extended period, affecting consumer goods and overall economic stability.

Key Details: • Blockade of the Strait of Hormuz to begin at 10 a.m. ET on Monday. • Current average gas price in the U.S. is $4.12 per gallon, up 38% since the war started. • Brent crude oil prices reached $102, while US crude is at $104. • Inflationary pressures expected on food prices due to rising oil costs.

economy trump iran inflation oil-prices

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Donald TrumpIslamic Revolutionary Guard CorpsStrait of Hormuz

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