Oil prices jumped more than 8% on Monday after U.S. President Donald Trump announced the United States would reinstate its blockade on Iran, forcing traders to once again price in the risk of prolonged disruption to energy flows through the Strait of Hormuz.

Brent crude climbed above $78 and WTI gained over 3% as escalating Iran-US tensions and threats to Strait of Hormuz shipping raised global supply concerns.

Oil prices surged by more than 4% after renewed U.S.-Iran hostilities and competing claims over the status of the Strait of Hormuz reignited fears of major supply disruptions.

Iran says it will not allow Washington to intervene in the Strait of Hormuz

Trump reinstates the Hormuz blockade as oil prices rise above $79. WTI reaching $110 by July 2026 at 2.6% YES.

Oil prices climbed to their highest level in four weeks on Tuesday after the United States reinstated a naval blockade on Iran and intensified military strikes, while Tehran…

Crude oil futures climb as Trump reinstates a blockade on Iranian ports, significantly impacting shipping costs and market dynamics.