April 13 (UPI) -- The price of oil again climbed over the $100-per-barrel threshold on Monday after President Donald Trump announced U.S. forces will form a blockade on the Strait of Hormuz.
Brent crude oil increased by 7% to $102 and West Texas crude was up 7.8% to $104 per barrel on Monday morning. U.S. stocks opened down as much as 1%.
The price of a gallon of gas in the United States is $4.15 on average, $0.93 higher than a year ago. Diesel is averaging $5.68 per gallon, $2.06 more than a year ago.
Trump announced the blockade over the weekend after negotiations with Iran, led by Vice President JD Vance, failed.
U.S. Central Command said on Sunday that naval forces will blockade "all maritime traffic entering and exiting Iranian ports," beginning Monday at 10 a.m. EST.
