Oil prices are climbing again, pushing past $100 a barrel, as markets react to plans by the United States to begin a naval blockade targeting Iranian ports.
The move, announced by President Donald Trump, is set to take effect later Monday and comes just hours after peace talks with Iran ended without a deal leaving a fragile ceasefire hanging in the balance.
According to the U.S. military, the blockade will focus on ships heading to or from Iranian ports and coastal areas.
Vessels traveling through the Strait of Hormuz to other destinations will still be allowed to pass, at least for now.
Even so, the uncertainty is already rattling global markets.
Brent crude, the international oil benchmark, jumped more than 7% to about $102 a barrel as trading opened. Prices had briefly eased last week after the ceasefire announcement, but have now surged again as tensions rise. Overall, oil prices have climbed more than 50% since the conflict began.
The Strait of Hormuz remains at the center of the crisis. Normally, about a fifth of the world’s oil flows through the narrow waterway, but traffic has slowed sharply since fighting broke out in late February. Iran has largely restricted access, allowing only selected vessels through — sometimes reportedly for a fee.
The planned U.S. blockade marks a shift in strategy. Until recently, Washington had allowed Iranian oil shipments to continue in an effort to avoid further disruption to global supply.
Now, that approach appears to be changing.
Iran has warned it won’t take the move lightly. Officials say they have “untouched levers” to respond and have hinted that energy prices could rise even further if tensions escalate.
Still, there are mixed signals about what comes next.
Trump said the ceasefire is “holding well” and suggested Iran could return to negotiations — though he also made it clear he isn’t particularly concerned if that doesn’t happen.
“I don’t care if they come back or not,” he told reporters.
For now, the situation remains unpredictable.
With military pressure increasing and diplomacy still uncertain, markets are reacting in real time and the impact is being felt far beyond the region.
