The closure of the Strait of Hormuz affected oil tankers and gas tankers, leading to a global energy crisis triggered by the war in the Middle East.
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Crude oil prices rose on Sunday as the US Navy prepares to impose a blockade of Iran’s ports after peace talks failed over the weekend.
American crude oil Futures for May delivery jumped nearly 8% to $104.20 a barrel by 6:13 p.m. ET. international benchmark brent Those for June delivery rose 7% to $101.86.
US Central Command said on Sunday that the military would block all maritime traffic entering and exiting Iranian ports at 10 a.m. ET on Monday. It said the US would not obstruct ships sailing to and from non-Iranian ports.
“The blockade will be enforced impartially against ships of all countries entering or departing from Iranian ports and coastal areas, including all Iranian ports on the Arabian Gulf and the Gulf of Oman,” CENTCOM said in a statement. statement.
President Donald Trump on Sunday threatened to block the Strait of Hormuz after the US and Iran failed to reach an agreement to end the war during talks in Pakistan.
“Effective immediately, the United States Navy, the finest navy in the world, will begin the process of interdicting any and all vessels attempting to enter or leave the Strait of Hormuz,” Trump said in a statement. social media post.
Officials and people familiar with the matter said Trump is considering limited strikes on Iran to break the impasse in peace talks. wall street journal.
The president said Sunday he has ordered the Navy to search and sanction any ships in international waters that have paid Iran tolls to transit the strait. The narrow sea route is a vital artery linking the Middle East’s oil producers to global energy markets.
The threat of Iranian attacks has reduced tanker traffic through the strait, causing the largest oil supply disruption in history. Before the US and Israel attacked Iran on February 28, about 20% of global oil supplies passed through the waterway.
It is unclear whether Trump will now resume air strikes on Iran. The president on Tuesday agreed to a two-week ceasefire in exchange for Tehran allowing ships to pass through the strait. He had earlier threatened to bomb every bridge and power plant in Iran.
Tehran has agreed to a safe passage during the ceasefire. Ali Akbar Velayati, a senior adviser to Iran’s supreme leader Mojtaba Khamenei, said on Sunday that “the key to the Strait of Hormuz” is in the hands of the Islamic Republic, according to the state news agency. press tv.
According to LSEG data, three supertankers made the journey on Saturday. Each ship can carry two million barrels of oil. But traffic is well below pre-war levels, when more than 100 ships traveled daily.
Vice President J.D. Vance, who led the U.S. delegation, said Sunday that the talks failed because Iran did not give a “positive commitment” that they would not seek nuclear weapons.
“The simple question is whether we see a fundamental commitment of the Iranians will not develop nuclear weapons,” Vance told reporters in Islamabad. “We haven’t seen it yet, we hope we will.”
Parliamentary Speaker of Iran Mohammad-Bagher Ghalibaf Said that the US “failed to gain the confidence of the Iranian delegation in this round of talks.”
