Oil prices soar ahead of US blockade on Iran

Oil prices climbed above $100 a barrel on Monday, April 13, 2026, as the United States Navy prepared to block ships to and ‌from Iran via the Strait of Hormuz.

The move is expected to restrict Iranian oil exports, after the United States and Iran failed to reach a deal to end the ongoing war in the Middle East.

Brent crude futures rose $6.96, or 7.3%, to $102.16 a barrel by 0430 GMT after settling 0.75% lower on Friday, while U.S. West Texas Intermediate was up $8.12, or 8.4%, at $104.69 a barrel ​following a 1.33% loss in the previous session.

“The market is now largely back to conditions before the ceasefire, except now ​the U.S. will block the remaining up to 2 million barrels per day Iranian-linked flows through the Strait of ⁠Hormuz as well,” said Saul Kavonic, head of energy research at MST Marquee.

United States President Donald Trump said on Sunday the U.S. Navy would start blockading ​the Strait of Hormuz, raising the stakes after marathon talks with Iran failed to reach a deal to end the war, jeopardising ​a fragile two-week ceasefire.

Trump added that the price of oil and gasoline may remain high through November’s midterm elections, a rare acknowledgement of the potential political fallout from his decision to attack Iran six weeks ago.

US, Iran failed to reach agreement after 21-hour peace talks ― Vance

a senior market analyst at Phillip Nova, Priyanka Sachdeva, told Reuters: “The mere threat of enforcement alone has been sufficient to re-price risk, demonstrating how vulnerable oil remains ​to geopolitical triggers.

“The return to triple-digit pricing, or the jump in a ​geopolitical risk premium that briefly faded during earlier ceasefire headlines, looks justified.”

U.S. Central Command said U.S. forces would begin implementing the blockade of all ‌maritime traffic ⁠entering and exiting Iranian ports at 10 a.m. ET (1400 GMT) on Monday.

“It will be enforced impartially against vessels of all nations entering or departing Iranian ports and coastal areas, including all Iranian ports on the Arabian Gulf and Gulf of Oman,” CENTCOM said on X.

It added that U.S. forces would not impede freedom of navigation for vessels transiting the Strait of Hormuz to and from non-Iranian ports.