Oil markets opened sharply higher, crossing $100 per barrel again after US President Donald Trump announced that the blockade of Iranian ports would begin from Monday (local time).The price of US crude oil, or West Texas Intermediate, rose 8% to $104.24 a barrel, while Brent crude, the global benchmark, rose 7% to $102.29 in early trading.The rise came after a tense and volatile session after peace talks between the United States and Iran ended on a cold note, with prices already exceeding $100 a barrel amid reports that the US Navy is preparing to prevent ships from reaching Iran through the Strait of Hormuz. Trump said on Sunday that the US Navy would move forward with closing the Strait of Hormuz. “With immediate effect, the US Navy, the best in the world, will begin the process of corralling any and all ships trying to enter or exit the Strait of Hormuz,” he wrote. “At some point, we will reach a ‘let all in, let all out’ basis, but Iran has not let that happen by simply saying, ‘There may be a mine somewhere,’ that no one but them knows about.” على الحقيقة الاجتماعية.
Commenting on market conditions, Saul Kavonic, head of energy research at MST Marquee, said: “The market has now largely returned to pre-ceasefire conditions, except now the US will block up to 2 million barrels per day of Iran-related flows through the Strait of Hormuz as well.”He also indicated that oil and fuel prices could remain high until the midterm elections in November, acknowledging the potential political consequences following the decision made six weeks after the strike on Iran.Since the conflict began, Brent crude has seen sharp fluctuations, rising from around $70 a barrel before the war in late February to peaks of more than $119 at points. Before the latest developments, Brent crude for June delivery fell 0.8% to $95.20 a barrel on Friday.After the United States and Israel launched strikes on Iran on February 28, Tehran maintained effective control over the Strait of Hormuz, a sea lane vital to global energy flows, as tensions across the region continue to disrupt shipping through the key oil transit route.US Central Command said the blockade would be implemented “neutrally against ships from all countries” entering or leaving Iranian ports and surrounding coastal waters, including those in the Persian Gulf and the Gulf of Oman.At the same time, it confirmed that ships traveling between non-Iranian ports will still be allowed to pass through the Strait of Hormuz.The strait typically handles about a fifth of global oil trade each day, with major exporters including Saudi Arabia, Iraq, the United Arab Emirates, Kuwait and Iran. Maritime tracking data shows that despite the ceasefire, traffic through the strait has remained thin, with more than 40 commercial ships having transited since the truce began.