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Oil up over 7% to above $100 ahead of US blockade on Iran

World News

13-04-2026 | 02:28

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Oil up over 7% to above $100 ahead of US blockade on Iran

Oil prices climbed above $100 a barrel on Monday as the U.S. Navy prepared to block ships to and from Iran via the Strait of Hormuz, a move that could restrict Iranian oil exports, after Washington and Tehran failed to reach a deal to end the war.

Brent crude futures rose $6.96, or 7.3%, to $102.16 a barrel by 0430 GMT after settling 0.75% lower on Friday. 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.

Reuters

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