economy
April 13, 2026
Stock dip, oil prices jump after U.S. begins partial blockade Strait of Hormuz
Updated on: April 13, 2026 / 10:36 AM EDT / CBS News
TL;DR
- Oil prices exceeded $100 a barrel due to concerns over a U.S. blockade of Iran's ports and the Strait of Hormuz.
- The Strait of Hormuz is a critical chokepoint for oil, fertilizer, and other commodities.
- Brent crude rose 7.5% to $102.30 a barrel, and West Texas Intermediate rose over 7% to $104.20.
- Major U.S. stock indices saw slight declines: Dow Jones down 0.8%, S&P 500 down 0.4%, Nasdaq down 0.4%.
- Some investors believe the conflict may be brinkmanship and could de-escalate, with negotiations potentially resuming.
- The blockade aims to pressure Tehran and encourage Beijing's mediation, but risks creating new flashpoints.
- Shipping through the Strait of Hormuz has been significantly curtailed since late February, impacting oil prices and U.S. gas prices.
- The U.S. Navy will focus on interdicting ships traveling to/from Iranian ports, not all vessels in the waterway.