Moscow, 13 April: Global oil prices have surged by around 8% following an announcement by US President Donald Trump regarding a blockade of the Strait of Hormuz. As a result, Brent crude prices have risen above $102 per barrel, marking one of the sharpest increases in recent years, according to trading data.
At 22:01 GMT on Sunday (03:31 Monday IST), Brent crude for June delivery climbed 7.76% to $102.59 per barrel, while West Texas Intermediate (WTI) for May rose 8.2% to $104.51 per barrel.
Talks between Iran and the United States had begun in Islamabad on Saturday. Earlier, on Wednesday night, President Trump had announced a two-week ceasefire agreement with Tehran. However, on Sunday morning, US Vice President JD Vance stated that despite prolonged negotiations, the two sides failed to reach an agreement, and the US delegation was returning home without a deal.
Later on Sunday, President Trump announced that the United States would begin blocking all vessels entering or exiting the Strait of Hormuz. He also instructed the US Navy to track and stop any ships that had paid Iran to pass through the strait.
US Central Command said the blockade of all maritime traffic to and from Iranian ports would take effect from 14:00 GMT on Monday (19:30 IST).
