Arabic version: ارتفاع أسعار النفط مع إعلان الولايات المتحدة عن حصار الموانئ الإيرانية

Oil prices jumped above $100 a barrel as energy markets reopened on Monday in Asia after talks between the US and Iran ended without a new deal. According to BBC News, Brent crude is up by 8.5% at $102.37, while West Texas Intermediate is 9% higher at $105.34.

The failure of negotiations at the weekend has raised concerns that the global energy crisis will deepen. Oil prices had previously plunged well below $100 after Washington and Tehran agreed to a conditional two-week ceasefire deal that includes the opening of the key Strait of Hormuz trade waterway.

The Strait of Hormuz has become a key flashpoint of the Iran war after Tehran retaliated against the US-Israeli strikes by threatening to attack vessels that try to use it. Shipments have largely been at a standstill since the conflict started on February 28, though some countries like India and Malaysia have negotiated safe passage for their vessels.

In a statement on Truth Social, former President Donald Trump announced plans to blockade Iranian ports, stating that the US will start “BLOCKADING any and all Ships trying to enter, or leave, the Strait of Hormuz”. US Central Command (Centcom) later confirmed that the blockade of traffic entering and exiting Iranian ports will begin at 10:00 ET (14:00 GMT) on Monday, enforced “impartially against vessels of all nations entering or departing Iranian ports and coastal areas”.

Iran’s parliamentary speaker, Mohammad Bagher Ghalibaf, reiterated that Iran would not submit to any threat, while the Islamic Revolutionary Guard Corps warned that any military vessels that approach the strait will be considered to be violating the ceasefire and “dealt with severely”. As global energy prices continue to fluctuate, the situation remains precarious for countries heavily reliant on Middle Eastern oil.