News Desk: Global oil prices surged past the $103-per-barrel mark after US President Donald Trump unveiled plans for a naval blockade aimed at Iran-linked shipping, sparking fresh fears of supply disruptions across key energy routes.
Benchmark Brent crude jumped over 8% on Sunday, reclaiming the crucial $100 threshold. The spike comes days after prices briefly touched $111 earlier in the week, highlighting ongoing volatility in global oil markets.
Oil prices rose again and markets declined Monday after President Donald Trump ordered the blockade of Iranian ports and the Strait of Hormuz. NewsNation’s @BrookeShaferTV has the report.
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Hormuz Tensions Escalate
The move follows the breakdown of ceasefire talks between Washington and Tehran. Trump announced that the US Navy would restrict vessel movement through the strategically vital Strait of Hormuz—a corridor responsible for nearly one-fifth of global oil and gas flows.
However, United States Central Command later clarified that the blockade would specifically target ships linked to Iran, suggesting a narrower scope than initially indicated. The operation is set to begin Monday at 10 am ET (7:30 pm IST).
Supply Fears Drive Market Volatility
Oil markets have swung sharply in recent weeks amid escalating geopolitical tensions. Prices had surged above $119 per barrel last month following joint US-Israeli strikes on Iran, before easing below $92 after a temporary ceasefire was announced.
Despite the truce, disruptions persist. Iran continues to tightly control maritime movement through Hormuz, allowing limited transit only with prior approval.
Shipping analytics firm Windward reported just 17 vessels passing through the strait on Saturday—far below the usual daily average of around 130 ships.
Asian Markets Slide
The renewed uncertainty rattled global equities, with Asian markets opening lower. Japan’s Nikkei 225 slipped 0.9%, while South Korea’s KOSPI dropped over 1%.
In India, benchmark indices saw a sharp sell-off. The BSE Sensex plunged more than 1,500 points, and the NSE Nifty 50 fell nearly 400 points in early Monday trade.
US stock futures also weakened, with S&P 500-linked contracts down about 0.8% in off-hours trading, reflecting broader investor anxiety over rising geopolitical risks and energy supply concerns.
