GLOBAL oil prices jumped eight per cent after US President Donald Trump announced restrictions on the Strait of Hormuz, with Brent crude oil exceeding US$102 per barrel, trading data showed.
Brent crude rose US$7.60, or 7.98%, to US$102.80 a barrel, while US West Texas Intermediate gained US$8.31, or 8.61%, to US$104.88, reversing losses recorded in the previous session.
On Saturday, Iran and the US began talks in Islamabad after Trump announced an agreement with Tehran on a two-week ceasefire.
On Sunday morning, the head of the US delegation, Vice President J.D. Vance, announced that Iran and the US had failed to reach an agreement after the talks, and the US delegation was leaving without any agreement.
On Sunday, Trump announced that the US would begin a blockade on all ships attempting to enter and exit the Strait of Hormuz.
Trump said the blockade would target maritime traffic linked to Iranian ports, with implementation expected to begin at 1400 GMT on Monday.
The move is seen as a significant escalation that could restrict up to two million barrels per day of Iranian-linked oil flows.
He also ordered the US Navy to track and intercept any ships paying Iran to pass through the strait.
US Central Command vowed to begin a blockade on "all maritime traffic entering and leaving Iranian ports" at 14:00 GMT, April 13.
Market participants expect oil prices to remain elevated in the near term as geopolitical risks continue to cloud the global energy outlook. – April 13, 2026
