U.S. stocks set to sink, oil prices rise amid Trump's blockade plan

MoneyWatch Stock futures sink, oil prices jump as U.S. prepares to blockade Strait of Hormuz .chip { background-image: url('/fly/bundles/cbsnewscore/images/chip-bgd/chip-bgd-moneywatch.jpg'); } By Aimee Picchi Aimee Picchi Associate Managing Editor, MoneyWatch Aimee Picchi is the associate managing editor for CBS MoneyWatch, where she covers business and personal finance. She previously worked at Bloomberg News and has written for national news outlets including USA Today and Consumer Reports. Read Full Bio Aimee Picchi April 13, 2026 / 8:44 AM EDT / CBS News Add CBS News on Google Oil prices jumped above $100 a barrel on Monday and U.S. stock futures fell amid concerns about the impact of President Trump's plan to blockade Iran's ports and a partial blockade of the Strait of Hormuz, a key chokepoint for oil, fertilizer and other commodities. The price of Brent crude, the international benchmark, jumped $7.15, or 7.5%, to $102.30 a barrel, while West Texas Intermediate, the U.S. benchmark, rose more than 7% to $104.20, according to Oilprice.com.Dow futures pointed to a loss of 477 points, or 1%, ahead of the market open at 9:30 a.m. ET. Futures for the S&P 500 and tech-heavy Nasdaq composite indices pointed to losses of about 0.7%.  Mr. Trump said the U.S. blockade of Iran's ports will begin at 10 a.m. ET Monday, an announcement that came after the failure of negotiations in Islamabad over the weekend to reach a peace agreement in the U.S.-Iran war. Because Iran exports much of its oil to China, the move to block its ships from leaving the strait could be designed to put increased pressure on Tehran as well as convince Beijing to play "a more active role in mediating a ceasefire," Capital Economics group chief economist Neil Shearing said in a research note."In practice, however, [the blockade] risks creating new potential flashpoints," Shearing said. "Would the U.S. Navy seize allied ships that have paid tolls to Tehran?...