Global oil markets saw a sharp rise on Monday after the closure of the Strait of Hormuz intensified tensions between the United States and Iran, with both sides accusing each other of violating a ceasefire.
According to Reuters, Brent crude futures jumped by $6.11, or 6.76%, reaching $96.49 per barrel, while U.S. West Texas Intermediate (WTI) rose by $6.53, or 7.79%, to settle at $90.38 per barrel.
The surge follows a significant escalation in the Arabian Sea, where U.S. naval forces enforced blockade measures against an Iranian-flagged cargo vessel on April 19. The guided-missile destroyer USS Spruance (DDG-111) intercepted the vessel, identified as M/V Touska, as it moved toward the Iranian port city of Bandar Abbas.
According to a statement from U.S. Central Command shared on X, American forces issued multiple warnings over a six-hour period, informing the ship that it was violating the U.S. blockade. When the vessel failed to comply, the destroyer reportedly fired several rounds from its MK 45 naval gun, disabling the ship’s propulsion system. U.S. Marines from the 31st Marine Expeditionary Unit later boarded the vessel, which remains under American custody.
U.S. officials described the operation as “deliberate, professional, and proportional,” adding that since the start of the blockade, at least 25 commercial vessels have been instructed to turn back or return to Iranian ports.
Meanwhile, Iran has taken a firm diplomatic stance, announcing it will not participate in a second round of peace talks in Islamabad. The move comes despite warnings from Donald Trump, who has threatened further military action, including possible airstrikes, if tensions are not resolved.
The ongoing standoff has raised serious concerns about global energy supply, as the Strait of Hormuz remains one of the world’s most critical النفط transit routes.
