Oil Prices Top USD100 After U.S. Blockade of Iran Ports
Brent crude, the international benchmark, surged 7% to $102.29 per barrel, while US benchmark West Texas Intermediate (WTI) climbed 8% to $104.24 per barrel — both crossing triple digits as traders absorbed the implications of the escalation.
The blockade marks a dramatic intensification of the conflict that erupted on February 28, when the US and Israel launched coordinated military operations against Iran.
Price volatility has been relentless since hostilities began. Brent crude was hovering around $70 per barrel on the eve of the war before rocketing past $119 at its peak — a gain of over 70% in a matter of weeks. A brief retreat followed, with Brent easing 0.8% to $95.20 per barrel on Friday amid cautious optimism ahead of US-Iran peace talks in Islamabad, Pakistan.
Those fragile gains evaporated almost immediately. The blockade announcement swept aside any residual hope generated by the Islamabad negotiations, driving prices sharply higher once again and leaving energy markets on edge as the conflict shows no sign of an imminent resolution.
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