Overview
On 13 April 2026, global oil markets reacted sharply as the U.S. Navy announced a potential blockade of the Strait of Hormuz. The move follows the failure of the Iran and the United States to negotiate an end to hostilities, raising concerns over the continuity of Iranian oil shipments. Consequently, Brent crude futures surged to $102.80 per barrel, a rise of 7.98% from the previous close.
Key Developments
- U.S. Navy signals intent to enforce a maritime blockade of the Strait of Hormuz.
- Failure of diplomatic talks between the United States and Iran to end the ongoing war.
- Brent crude futures jumped $7.60 (7.98%) to $102.80 per barrel by 2310 GMT.
- Previous settlement on 10 April 2026 showed a modest 0.75% decline, highlighting the abrupt market shift.
Important Facts
- The Strait of Hormuz handles roughly 21 million barrels per day of crude and petroleum products.
- Iran contributes about 3‑4 million barrels per day to this flow; a blockade could cut global supply by 1‑2%.
- Higher oil prices tr
