Oil back above $100 as US moves to blockade Strait of Hormuz
Soaring energy prices can be expected to remain volatile while the US begins its blockade of the Strait of Hormuz.
Oil prices rose about 7% on Monday, climbing back above $100 a barrel after US President Donald Trump said the military would begin blockading the Strait of Hormuz, which Iran has largely kept closed since Feb. 28.
What happened: As of 8:44 a.m. EST on Monday, international benchmark Brent crude futures stood at $102.15, up 7.33% from the previous session, as the crisis in the Strait of Hormuz escalated.
On Sunday, following the breakdown of peace talks between Tehran and Washington in Pakistan, Trump said on his Truth Social platform that the US would begin blockading the strait “immediately.” He added that US forces would interdict every vessel in international waters that had paid a toll to Iran.
The US military’s regional command said in a statement that the blockade would start at 10 a.m. EST on Monday, "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."
