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US Blockade of Iranian Ports Drives Oil Prices Higher Amid Tensions

KVIA•Monday, April 13, 2026 at 8:37 AM•CNN Newsource

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Oil prices surged on Monday following the announcement of a US military blockade targeting Iranian ports in the Strait of Hormuz, set to begin at 10 a.m. ET. Brent crude prices rose nearly 7% to around $102 a barrel, while WTI climbed to approximately $103.5, marking significant increases since the onset of the war. This blockade comes after failed negotiations between the US and Iran to resolve ongoing conflicts, raising concerns about potential escalations in military tensions. The blockade could further restrict global oil supplies, as Iran contributes about 4% of the world's oil, with exports previously averaging 1.85 million barrels per day. The situation is likely to impact oil-dependent economies and consumers worldwide.

Key Details: • US military blockade starts Monday at 10 a.m. ET. • Brent crude prices near $102 per barrel; WTI at $103.5. • Iran's oil exports were approximately 1.85 million barrels per day before the blockade. • Iran's oil exports accounted for around $45 billion last year.

us-military iran global-economy strat-of-hormuz oil-prices

People & Organizations

Donald TrumpDepartment of DefenseUS Central CommandStrait of HormuzNeil Shearing

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