DID Press: Global oil prices surged by more than 7 percent on Monday (April 13), crossing the $100-per-barrel threshold amid rising tensions between United States and Iran and growing concerns over a possible disruption in the Strait of Hormuz.
According to early trading data, Brent crude rose by $6.71 (equivalent to 7.05 percent) to reach $101.91 per barrel. Meanwhile, U.S. West Texas Intermediate (WTI) crude increased by $7.59 (7.86 percent), trading at $104.16 per barrel.
The sharp price increase comes as reports indicate that the U.S. Navy is preparing measures to prevent ships bound for Iran from transiting through the Strait of Hormuz.
Energy market experts believe the situation has effectively returned market conditions to levels seen prior to the ceasefire. Analysts warn that if such measures are implemented, up to two million barrels per day of oil flows associated with Iran could be disrupted.
At the same time, Donald Trump announced that following the failure of negotiations with Iran to end the conflict, the U.S. Navy would begin a mission to block the Strait of Hormuz—an action that could place the fragile two-week ceasefire at serious risk.
Experts caution that continued escalation could trigger further volatility in global energy markets and impose additional pressure on the world economy.