US Blockade of Iranian Ports Sends Oil Prices Sharply Higher
The decision is being viewed by analysts as a significant escalation in tensions linked to the wider conflict that began after military operations involving the United States and Israel against Iran on February 28, according to reports.
Benchmark crude prices reacted immediately to the development. International benchmark Brent crude climbed by about 7% to $102.29 per barrel, while US benchmark West Texas Intermediate (WTI) rose roughly 8% to $104.24 per barrel.
Market volatility has intensified since the start of the conflict, with oil prices experiencing sharp swings over recent weeks. Brent crude, which had been trading near $70 per barrel before the escalation, previously surged beyond $119 at its peak during earlier stages of the crisis.
Earlier in the week, markets had briefly shown signs of easing, with Brent falling 0.8% to $95.20 per barrel ahead of diplomatic talks between the United States and Iran in Islamabad, Pakistan, according to reports.
However, those gains were quickly reversed after the blockade announcement, triggering a renewed spike in prices and reinforcing uncertainty across global energy markets.
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