Washington: Oil prices surged on Monday after U.S. President Donald Trump announced the reimposition of a naval blockade on Iran. The move is part of the ongoing confrontation between the United States and Tehran over control of the strategic Strait of Hormuz.
According to Jordan News Agency, U.S. crude and Brent futures rose following the announcement. The blockade will cover all vessels along Iran's entire coastline, including its ports and oil terminals. This enforcement is set to begin at 2000 GMT on July 14.
Brent crude futures saw a significant rise, climbing 7.9% to reach $82.03 per barrel. The announcement has stirred the global oil market, reflecting the geopolitical tensions in the region.