Oil prices jump on US plans to blockade Iranian ports in Strait of Hormuz | CNN Business

Oil prices climbed Monday, after the US military said it would implement a shipping blockade against Iranian ports in the Strait of Hormuz — a move that could test the current ceasefire while further tightening global oil supply. Brent crude, the global oil benchmark, rose 7% to $102 a barrel — a gain of 40% since the start of the war. WTI, the US benchmark, climbed by 7.8% to $104 a barrel, more than 50% higher than it was before the war effectively shuttered the Strait of Hormuz. The United States Central Command, part of the US Department of Defense, said Sunday that naval forces would begin a blockade of “all maritime traffic entering and exiting Iranian ports” from Monday at 10 a.m. ET. “CENTCOM forces will not impede freedom of navigation for vessels transiting the Strait of Hormuz to and from non-Iranian ports,” it added in a statement. The maritime blockade, which lines up with President Donald Trump’s threat, comes after the United States and Iran failed to agree terms to end the war during weekend talks. Tehran, which has reportedly been tolling some ships seeking transit through the Strait of Hormuz, has vowed to retaliate against any military vessels in th