Oil back above $100 as US to blockade Iranian ports after peace talks fail
President Donald Trump said he would blockade Iranian ports after talks between the US and Iran ended without a new deal. President Donald Trump said in a Truth Social post on Sunday that the US will start "BLOCKADING any and all Ships trying to enter, or leave, the Strait of Hormuz".
Global benchmark Brent crude is up by 8.5% at $102.37 (£77.15), while West Texas Intermediate is 9% higher at $105.34. Major stock indexes in Asia slipped in morning trade on Monday. The Nikkei 225 in Japan fell by 0.8%, while South Korea's Kospi was down by 1.8%. Shipments have largely been at a standstill since the conflict began on 28 February, though some countries, such as India and Malaysia, have negotiated safe passage for their vessels. Brent crude slid to about $90 a barrel on 8 April after the US and Iran agreed a conditional two-week ceasefire that included the reopening of the Strait of Hormuz.
US Central Command (Centcom) later said the blockade of traffic entering and exiting Iranian ports will begin at 10:00 ET (14:00 GMT) on Monday. Centcom also said it "will not impede" ships in the Strait of Hormuz heading "to and from non-Iranian ports". Iranian parliamentary speaker Mohammad Bagher Ghalibaf says the country "will not submit to any threat", in a statement carried by local media. Iran's Islamic Revolutionary Guard Corps (IRGC) Naval Forces said that any military vessels that approach the strait will be considered to be violating the ceasefire between Washington and Tehran and "dealt with severely".
Quick Summary
The US and Iran's failed peace talks have sent shockwaves through global energy markets. President Trump's response has traders on edge - but what does it mean for the price of oil?
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