Oil reclaims $100 mark amid blockade fears on Iran

April 13, 2026 (MLN):  Crude oil prices jumped significantly amid rising geopolitical tensions, as the United States moved toward enforcing a naval blockade on Iranian ports following the breakdown of recent diplomatic talks in Pakistan.

Currently, Brent crude futures is up  by $7.07, or 7.43%, to $102.27 per barrel, according to data by Mettis Global.

West Texas Intermediate (WTI) crude futures increased by $8.08, or 8.37%, to $104.65 per barrel by [9:20 am] PST.

U.S. Central Command stated that the Navy will begin restricting maritime traffic to and from Iranian ports starting Monday at 10 a.m. ET. It clarified that shipping routes connected to non-Iranian ports would remain unaffected, according to CNBC.

Earlier, President Donald Trump indicated that the U.S. could extend its actions to the Strait of Hormuz after negotiations with Iran in Pakistan failed to yield an agreement.

He highlighted that the Navy would move to intercept vessels attempting to pass through the strategic waterway, particularly those believed to be paying transit fees to Iran.

The Strait of Hormuz remains a vital corridor for global oil shipments, linking major producers in the Middle East to international markets. Heightened fears of Iranian retaliation have already reduced tanker movements, contributing to what is being described as a major disruption in global oil supply.

It remains uncertain whether Washington will resume military operations against Iran.

A temporary two-week ceasefire had been reached earlier, with the understanding that Iran would allow safe passage for vessels through the strait. However, Iranian authorities emphasized that continued access would depend on their approval.

Vice President JD Vance, who led the U.S. delegation, pointed out that the talks collapsed due to Iran’s reluctance to provide a clear commitment against pursuing nuclear weapons. He emphasized that the central issue remains whether Tehran is willing to demonstrate a genuine shift in intent.

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