Global oil prices have spiked sharply following US President Donald Trump’s announcement of a naval blockade targeting Iran, reigniting fears of prolonged disruption in one of the world’s most critical energy corridors.
Brent crude the international benchmark jumped more than 8 percent on Sunday, climbing back above $103 a barrel. The surge comes just days after prices had fallen below $92, following the announcement of a two‑week ceasefire between Washington and Tehran after more than six weeks of conflict.
Last month, Brent briefly topped $119 a barrel, its highest level since the war began.
Strait of Hormuz Still Choked Despite Ceasefire
Although Iran has allowed a limited number of vessels to pass through the Strait of Hormuz subject to prior vetting and authorisation traffic remains a fraction of normal levels.
According to maritime intelligence firm Windward, only 17 ships crossed the strait on Saturday. Before the conflict, the daily average was around 130 vessels.
The fragile truce between the US and Iran officially remains in place until April 22, but the blockade and restricted transit have kept global markets on edge.
With the strait handling a significant share of the world’s oil shipments, analysts warn that continued instability could push prices even higher and deepen the global fuel crisis.
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