Oil prices soar as Trump's Strait of Hormuz blockade to start in hours

Oil prices have soared in early market trading after the US announced it will block Iranian ports.

The US military says it will block all maritime traffic entering and exiting Iranian ports, starting at 10am ET (2pm GMT) today.

The price of US crude oil rose eight percent to $104.24 a barrel in early trading, and Brent crude oil, the international standard, rose 7 percent to $102.29.

Brent crude has swung dramatically during the Iran war, rising from roughly $70 per barrel before the war in late February to more than $119 at times.

On Friday, ahead of the peace talks, Brent for June delivery fell 0.8% to $95.20 per barrel.

Trump says his order is in response to Iran “knowingly failing” to reopen the Strait of Hormuz. He also warns the US Navy will “blow to hell” any Iranians that attack them and will interdict any ship found paying transit tolls to Iran

Mohammad Bagher Ghalibaf, the Iranian parliamentary speaker who led negotiations in Islamabad, has mocked Donald Trump in a post on X referencing US plans to blockade the Strait of Hormuz.

“Enjoy the current pump figures. With the so-called ‘blockade’, soon you’ll be nostalgic for $4–$5 gas,” the post says, accompanied by a map appearing to show petrol prices around Washington, D.C.

In an earlier statement carried by Iranian outlets, Ghalibaf said Iran will not “surrender under threats”.