Oil Prices Rise 8 Pct After Trump Announces Blockade Of Strait Of Hormuz

MOSCOW, April 13 (Bernama-Sputnik/RIA Novosti) - Global oil prices jumped 8 per cent after US President Donald Trump announced a blockade of the Strait of Hormuz, with Brent crude exceeding US$102 per barrel, according to trading data, reported Sputnik/RIA Novosti.

As of 22:01 GMT Sunday, June Brent crude futures were trading up 7.76 per cent from the previous close at US$102.59 per barrel, while May WTI futures were up 8.2 per cent at US$104.51.

On Saturday, Iran and the US began talks in Islamabad after Trump announced an agreement with Tehran on a two-week ceasefire on Wednesday night. 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 during protracted negotiations and that the US delegation would return home without a deal.

On Sunday, Trump announced that the US would begin a blockade of all vessels attempting to enter and exit the Strait of Hormuz. He also instructed the US Navy to track and intercept all vessels that paid Iran to pass through the strait.

US Central Command pledged to begin a blockade of "all maritime traffic entering and exiting Iranian ports" at 14:00 GMT on April 13.

--BERNAMA-SPUTNIK/RIA NOVOSTI