Iran US Oil Prices
FILE - Oil tankers and cargo ships line up in the Strait of Hormuz as seen from Khor Fakkan, United Arab Emirates, Wednesday, March 11, 2026.
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Oil prices are rising in early market trading after the U.S. said it would blockade Iranian ports beginning Monday. The price of U.S. crude oil rose 8% to $104.24 a barrel and Brent crude oil, the international standard, rose 7% to $102.29. Brent crude has swung dramatically during the Iran war, rising from roughly $70 per barrel before the war in late February to more than $119 at times. On Friday, ahead of the peace talks, Brent for June delivery fell 0.8% to $95.20 per barrel. Iran has been effectively controlling the Strait of Hormuz, a key waterway for global oil shipping.
U.S. President Donald Trump says the American military has blockaded Iranian ports to try to force Tehran to reopen the Strait of Hormuz. Trump's statement Monday was part of his effort to pressure Iran to accept a deal to end the war that has raged for more than six weeks. Iran responded with threats on all ports in the Persian Gulf and the Gulf of Oman, taking aim at U.S.-allied countries. That set the stage for an extraordinary showdown that posed serious risks for the global economy and raised the specter that the ceasefire could collapse.
President Donald Trump says the U.S. military has begun a blockade of Iranian ports and coastal areas, and Iran responded with threats on ports in the Persian Gulf and the Gulf of Oman. Trump had vowed earlier to block the strategic Strait of Hormuz entirely. He suggested later Monday he was willing to engage with Iran, saying he had spoken to “the other side.” This came after the he warned that Iranian warships coming “anywhere close” to the U.S. blockade would be destroyed. Ceasefire talks between the U.S. and Iran ended Sunday without an agreement, and it's unknown what happens when the current two-week truce expires on April 22.
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