- By Nidhi Giri
- Mon, 13 Apr 2026 09:36 AM (IST)
- Source:JND
Oil Prices: The collapse of US-Iran peace talks on Saturday led to a major blow to hopes for peace in the global energy market. Crude oil prices are seeing another surge after the US Central Command announced a naval blockade of Iranian ports.
US crude oil prices rose 8 per cent to USD 104.24 per barrel. Meanwhile, Brent crude oil prices rose 7 per cent to USD 102.29. This is the same benchmark that had been around USD 70 before the war in late February, and then peaked above USD 119. Before the peace talks collapsed, its price had fallen to USD 95. But the collapse has ended this respite.
What Is America's Purpose?
The US Central Command, under the US Department of Defense, has announced a naval blockade around Iranian ports, aimed at stopping Iranian oil exports and avoiding toll fees in the Strait of Hormuz.
US Central Command said US forces would begin implementing the blockade of all maritime traffic entering and exiting Iranian ports at 10 a.m. ET (19:30 IST). It would be "enforced impartially against vessels of all nations entering or departing Iranian ports and coastal areas, including all Iranian ports on the Arabian Gulf and Gulf of Oman," it said in a statement on X.
US forces would not impede freedom of navigation for vessels transiting the Strait of Hormuz to and from non-Iranian ports, and additional information would be provided to commercial mariners through a formal notice prior to the start of the blockade, it said.
US Blocks Iranian Ports
The US blockade has surrounded Iranian ports, threatening Iranian exports and tanker traffic, as 20 per cent of globally traded oil passes through them. Consequently, oil prices have surged above USD 100. The weakening of the ceasefire has led to a strengthening dollar and sharp declines in stocks.
Riskier currencies like the Australian dollar and sterling declined. US Treasury futures also fell as traders feared rising inflationary pressures. Gold prices, which had risen sharply.