US President Donald Trump has announced that the US Navy will quickly begin blocking ships entering or leaving the Strait of Hormuz after US-Iran ceasefire talks in Pakistan ended without an agreement. The U.S. Central Command said the blockade would begin at 10 a.m. EDT (1400 GMT) on Monday and would target all maritime traffic to and from Iranian ports.
Global oil prices jumped about 8% to break above $100 a barrel in early trading after 21-hour peace talks between the United States and Iran in Islamabad collapsed over the weekend.
Oil and gas prices surged after the United States decided to impose a blockade on the Strait of Hormuz.
Brent crude oil price today
Oil prices rose in early market trading after the blockade was announced. U.S. crude rose 8% to $104.24 a barrel and Brent crude, the international benchmark, rose 7% to $102.29 a barrel. Before the war at the end of February, Brent crude was around $70 a barrel.
The war in the Middle East has disrupted global energy markets, driving up prices, which could fuel inflation while dampening economic growth. At the same time, refiners and traders around the world are scrambling to secure readily available supplies of crude oil as physical inventories shrink.
Iran says: ‘If you fight, we will fight’
As the AP reported, a group of high-ranking Iranian officials threatened retaliation. Mohsen Rezaei, a military adviser and former commander of the Revolutionary Guards, wrote on X that the country’s armed forces have “major intact levers” to counter the blockade of Hormuz. He said Iran would not be coerced by “tweets and imaginary plans”.
Iranian Parliament Speaker Mohammad Bagher Qalibaf, who led the Iranian side in the talks, addressed Trump in a statement about his return to Iran: “If you fight, we will fight.
India increases supply of 5 kg LPG amid Middle East war
India increased supplies of smaller 5kg LPG cylinders and accelerated expansion of natural gas (PNG) pipelines to manage fuel availability amid disruptions caused by conflict in West Asia.
More than 1.3 million 5kg LPG cylinders have been sold for free trade since March 23, with daily sales exceeding 100,000 units, as authorities work to improve access for migrant workers and low-income households, according to an official statement.
We do not allow ourselves to be imposed by tweets and contrived plans.
At the same time, over 424,000 new PNG connections have been activated since March, with more than 30,000 consumers giving up LPG connections as part of the exchange.
(With input from agencies)
