Oil prices soar as US Navy to blockade Iranian ports in Strait of Hormuz today

Oil prices soar as US Navy to blockade Iranian ports in Strait of Hormuz todayThe US military says it will block all maritime traffic entering and exiting Iranian ports, starting at 10am ET (2pm GMT) today, sending crude prices surging.NewsCallum Hoare05:32, 13 Apr 2026View ImageBreaking News(Image: Express)Oil prices have rocketed in early market trading after the US announced it would blockade Iranian ports.‌The US military has confirmed it will halt all maritime traffic entering and leaving Iranian ports, with the measure taking effect at 10am ET (2pm GMT) today.‌US crude oil prices surged eight per cent to $104.24 a barrel in early trading, while Brent crude, the international benchmark, climbed seven per cent to $102.29.‌Brent crude has fluctuated wildly throughout the Iran conflict, jumping from around $70 per barrel prior to the war in late February to peaks of over $119 at various points.On Friday, ahead of the peace talks, Brent for June delivery dropped 0.8% to $95.20 per barrel.‌Trump has stated his order is a direct response to Iran "knowingly failing" to reopen the Strait of Hormuz, while warning that the US Navy will "blow to hell" any Iranians who attack them, and will intercept any vessel found paying transit tolls to Iran.Mohammad Bagher Ghalibaf, the Iranian parliamentary speaker who spearheaded negotiations in Islamabad, has ridiculed Donald Trump in an X post referencing US plans to blockade the Strait of Hormuz."Enjoy the current pump figures. With the so-called 'blockade', soon you'll be nostalgic for $4-$5 gas," the post reads, accompanied by a map appearing to show petrol prices across Washington, D.C.Article continues belowIn an earlier statement carried by Iranian outlets, Ghalibaf declared that Iran will not "surrender under threats".