Oil prices surged after Trump's announcement of a blockade of the Strait of Hormuz — Axios
Global markets have seen a sharp spike in energy prices following the collapse of peace talks between the United States and Iran.
This was reported by Axios.
Brent crude rose by more than $7, reaching $102.29 per barrel, while U.S. WTI surged to $104.56.
Traders have largely ignored previous ceasefire agreements, as they do not believe that stable tanker traffic through the Strait of Hormuz will resume.
This transport artery remains critical for global oil exports, but it has now become a zone of acute geopolitical confrontation.
Iran is using the strait as a tool for economic pressure, imposing its own tariffs and restricting the transit of ships.
In response to these actions, U.S. President Donald Trump announced a large-scale naval blockade, under which U.S. military ships will intercept vessels that finance Tehran through the payment of illegal fees.
Analysts at the Eurasia Group note that due to the constant threat of attacks from Iran, shipping volumes in the region have fallen to less than 10% of pre-war levels.
Oil prices have returned to $100 amid tensions with Iran
Gulf countries also reported that no new airstrikes from Iran were recorded on April 9. This marks the first day without strikes since the war began in late February. The situation may indicate a temporary easing of tensions in the region.
Following the announcement of a ceasefire between the U.S. and Iran, only a few ships are passing through the Strait of Hormuz. Traffic remains limited and unstable. Against this backdrop, hundreds of oil tankers are awaiting permission to pass.
Iran has stated that Lebanon is part of the ceasefire agreements with the US, although Washington and Israel deny this. Amid new strikes on Beirut, Tehran is warning of the consequences of any violations. The situation surrounding the agreement remains tense and uncertain.
Iranian President Masoud Pezeshkian stated that Israel’s attacks on Lebanon undermine the possibility of further negotiations.
Trump announced U.S. cooperation with Iran regarding nuclear material.
