What happened to the price of oil immediately after the announcement of the blockade of Iranian ports
On Monday, just a few hours after the United States announced a blockade of Iranian ports, oil prices rose by 8% and exceeded 100 dollars per barrel on Monday, according to Le Figaro, quoted by News.ro.
After falling to around $97 late last week, West Texas Intermediate (WTI) crude for May delivery rebounded 8.44% to $104.72 by 5:30 GMT.
Brent North Sea crude for June delivery, the global benchmark, was trading at $102.16, up 7.31%, after also gaining more than 8%.
President Donald Trump announced on Sunday the establishment of a US naval blockade of the Strait of Hormuz, describing Iran's actions as an “illegal act of blackmail” and a refusal to give up its nuclear ambitions.
This escalation comes after the failure of marathon talks in Islamabad, led by Vice President JD Vance, which ended without an agreement. Thus, starting at 17:00 (Romanian time), the US Navy will officially start the blockade of Iranian ports, implementing the president's order.
