TEHRAN – Oil prices recorded an increase of over 7 percent as the US has announced the blockade of all maritime traffic exiting or entering the Iranian ports after Tehran and Washington failed to reach a deal in Islamabad to end the war.
Brent crude futures climbed $6.71, marking a 7.05% increase, reaching $101.91 per barrel by 01:04 GMT, after having dropped 0.75% in Friday’s session.
Meanwhile, US West Texas Intermediate rose $7.59, or 7.86%, to $104.16 per barrel, bouncing back from a 1.33% decline in the prior trading session.
Earlier, US Central Command (CENTCOM) forces will begin implementing a blockade of all maritime traffic entering and exiting Iranian ports on April 13 at 10 am ET (5pm Pakistan Standard Time), in accordance with the President Donald Trump’s proclamation.
The blockade will be enforced impartially against vessels of all nations entering or departing Iranian ports and coastal areas, including all Iranian ports on the Arabian Gulf and Gulf of Oman.
CENTCOM forces will not impede freedom of navigation for vessels transiting the Strait of Hormuz to and from non-Iranian ports.
Additional information will be provided to commercial mariners through a formal notice prior to the start of the blockade. All mariners are advised to monitor Notice to Mariners broadcasts and contact U.S. naval forces on bridge-to-bridge channel 16 when operating in the Gulf of Oman and Strait of Hormuz approaches.
