Crude oil futures rise as US moves to blockade Iranian ports
File picture: A vessel at the Strait of Hormuz, off the coast of Oman’s Musandam province, April 12, 2026.
| Photo Credit:
STRINGER
Crude oil futures traded higher on Monday morning after the US decided to implement a blockade on all maritime traffic entering and exiting Iranian ports following the failure of peace talks between Iran and the US.
At 9.07 am on Monday, June Brent oil futures were at $102.38, up by 7.54 per cent, and May crude oil futures on WTI (West Texas Intermediate) were at $105.08, down by 8.81 per cent. April crude oil futures were trading at ₹9702 on the Multi Commodity Exchange (MCX) during the initial hour of trading on Monday, against the previous close of ₹9153, up by 6 per cent, and May futures were trading at ₹9010 against the previous close of ₹8500, up by 6 per cent.
In a post on X, US Central Command said that its forces will begin implementing a blockade of all maritime traffic entering and exiting Iranian ports on April 13 at 10 a.m. ET, in accordance with the US President’s proclamation.
“The blockade will be enforced impartially against vessels of all nations entering or departing Iranian ports and coastal areas, including all Iranian ports on the Arabian Gulf and Gulf of Oman. CENTCOM forces will not impede freedom of navigation for vessels transiting the Strait of Hormuz to and from non-Iranian ports,” it said.
In a post on the social media platform Truth Social, US President Donald Trump said: “Iran promised to open the Strait of Hormuz, and they knowingly failed to do so. This caused anxiety, dislocation, and pain to many people and countries throughout the World. They say they put mines in the water, even though all of their Navy, and most of their “mine droppers,” have been completely blown up. They may have done so, but what ship owner would want to take the chance? There is great dishonor and permanent harm to the reputation of Iran, and what’s left of their “Leaders,” but we are beyond all of that. As they promised, they better begin the process of getting this INTERNATIONAL WATERWAY OPEN AND FAST! Every Law in the book is being violated by them.”
Meanwhile, Saudi’s Ministry of Energy announced the success of operational and technical efforts in restoring the full pumping capacity through the East-West pipeline, amounting to approximately 7 million barrels per day, and recovering the affected volumes from the Manifa field production of around 300,000 barrels per day, all within a short period of time.
It said that work is still ongoing to restore full production capacity of the Khurais field, and this will be announced upon completion.
Saudi Arabia’s state news agency SPA report said this quick recovery reflects the high operational resilience and crisis management efficiency of Saudi Aramco and the Kingdom’s energy ecosystem as a whole, thereby enhancing the reliability and continuity of supplies to local and global markets, and supporting the global economy.
Published on April 13, 2026
