Crude oil prices surged over eight percent amid rising Hormuz tensions globally.
US move to block Iran-linked shipping threatens key global oil supply route.
Analysts warn prolonged disruption could keep crude prices volatile in near term.
Crude oil prices rose by more than 8% on April 13, after the US Navy moved to block ships from getting to Iran through the Strait of Hormuz. This could stop Iran from exporting oil after Washington and Tehran couldn’t agree on how to end the conflict.
Brent crude futures rose $6.71, or 7.05%, to $101.91 a barrel, bouncing back after a 0.75% drop on April 10. US West Texas Intermediate, on the other hand, rose $7.59, or 7.86%, to $104.16 a barrel. This was after a 1.33% drop in the previous session.
1 April 2026
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Meanwhile, according to Mint, crude oil prices on the Multi Commodity Exchange also witnessed a similar upward movement on April 13. MCX crude oil prices surged nearly 7.4% to ₹9,830 per barrel.
Reason Behind Surging Crude Oil Prices
On April 12, Donald Trump announced that the US Navy will partially block ships going to and from Iran’s ports in the Strait of Hormuz. This happened because talks between the US and Iran failed and tensions have escalated again.
He also said that oil and gas prices might stay high until the midterm elections in November. This was an unusual admission of the possible political effects of his decision to attack Iran six weeks earlier.
US Central Command said the blockade would take effect at 10 am ET (14:00 GMT) on April 13, covering all maritime traffic entering or leaving Iranian ports, reported Reuters.
CENTCOM said in a statement on X that the measures would be applied partially to vessels of all nations operating in Iranian coastal areas, including ports along the Arabian Gulf and the Gulf of Oman. However, it clarified that ships passing through the Strait of Hormuz en route to or from non-Iranian ports would not impede freedom of navigation for vessels transiting to and from non-Iranian ports.
Meanwhile, Iran’s Revolutionary Guards warned that any military vessels approaching the strait would be considered a violation of the two-week ceasefire with the US and would face a strong and decisive response, according to the report.
Tensions Threaten Oil Flows
The Strait of Hormuz, which handles almost a fifth of the world's oil trade, rising geopolitical tensions have made people more afraid of supply problems.
Analysts, including some that Reuters cites, say that any long-term restrictions could make the global supply tighter and keep crude prices unstable in the short term.
