Trump Orders Blockade of Strait of Hormuz After US-Iran Talks Collapse, Oil Prices Surge

Oil prices surged above $100 a barrel after US-Iran peace talks collapsed.

“Oil back above $100 as US to blockade Iranian ports after peace talks fail Oil prices rose back above $100 a barrel as energy markets reopened in Asia on Monday after talks between the US and Iran ended without a new deal and President Donald Trump said he would blockade Iranian ports”

BBC

Trump announced a blockade of the Strait of Hormuz, a critical oil transit route.

BBC

Brent crude jumped 7.3% to $102.30, while West Texas Intermediate rose 8.7% to $104.94.

The blockade announcement came after Iran effectively closed the strait in retaliation for US-Israeli strikes on Tehran.

Trump declared on Truth Social that the US would start blockading any and all ships trying to enter or leave the Strait of Hormuz.

The average price of regular gasoline topped $4 per gallon for most of April.

Inflation shot up to its highest level in two years in March.

National Today

Energy costs accounted for nearly three-quarters of the monthly increase in the consumer price index.

The Treasury Department performed no prewar analysis of the conflict's potential energy market consequences.

Trump told Fox News that crude oil prices could stay high until the midterm elections.

The blockade and rising oil prices have strained global supply chains.

“Skip to Main Content ‘This is very real’: Surging gas prices drive inflation to highest level in 2 years Oil prices exploded in March as global energy markets absorbed a once-in-a-generation supply shock from the U”

Politico

Small businesses are among the hardest hit.

Restaurants face a double impact from rising delivery costs and increasing food prices.

Airlines, trucking companies, and logistics providers are especially vulnerable.

The situation has turned what might have been a regional conflict into a global economic concern.