economy
April 13, 2026
Oil Prices Near $100 as U.S. Navy Blockades Iran's Ports After Peace Talks Fail
The blockade took effect Monday at 10 a.m. ET. U.S. Central Command said it will not impede vessels transiting to and from non-Iranian ports.
TL;DR
- U.S. crude oil futures rose over 2% to $99.08 per barrel, and Brent crude advanced over 4% to $99.36.
- The U.S. Navy imposed a blockade on Iran's ports, effective Monday at 10 a.m. ET.
- The blockade will be enforced impartially against vessels of all nations entering or departing Iranian ports.
- President Trump ordered the blockade after U.S.-Iran peace talks in Pakistan failed.
- Iran's military threatened ports throughout the Persian Gulf in response to the U.S. blockade.
- Tanker traffic through the Strait of Hormuz has plunged, causing the largest oil supply disruption in history.
- Negotiations failed because Iran would not provide an "affirmative commitment" that they will not seek a nuclear weapon.