Trending Now - Oil Prices Spike Above $103 Amid Us-iran Blockade Tensions
WHO:
Al Jazeera - President Trump announced a naval blockade of Iran.
Al Jazeera - US Central Command is involved in the blockade operations.
WHAT:
Bloomberg - Oil prices surged to record levels near $150 per barrel, significantly higher than prices in futures markets.
IEA – International Energy Agency - The overall loss in oil exports due to the conflict exceeds 13 million barrels per day, with cumulative supply losses projected at more than 440 million barrels for April 2026.
IEA – International Energy Agency - Global oil demand is projected to decline by 80,000 barrels per day on average in 2026, compared to a previous expectation of growth of 730,000 barrels per day.
Bloomberg - President Trump threatened to strike Iranian vessels in the Strait of Hormuz, contributing to the spike in oil prices.
Al Jazeera - Oil prices rose more than 8 percent on Sunday, April 12th, 2026, to top $103 a barrel, marking the first time since April 7th, 2026, that prices exceeded $100.
Al Jazeera - Only 17 vessels crossed the Strait of Hormuz on Saturday, April 11th, 2026, down from approximately 130 daily transits before the conflict began.
Al Jazeera - Oil prices rose more than 8 percent to top $103 a barrel following the announcement of the blockade.
Al Jazeera - The blockade will only affect vessels traveling to and from Iran, not other traffic.
Bloomberg - Oil prices returned above $100, with Brent crude previously surpassing $111 a barrel.
WHERE:
IEA – International Energy Agency - Loadings of crude, natural gas liquids, and refined products through the Strait of Hormuz averaged around 3.8 million barrels per day, compared to more than 20 million barrels per day in February 2026.
CNN - Approximately 38% of the oil and 23% of the liquefied natural gas that typically passes through the Strait of Hormuz is bound for Chinese ports.
Al Jazeera - The blockade will take place in the Strait of Hormuz, a critical waterway for global oil and natural gas supplies.
WHEN:
Al Jazeera - The blockade is set to take effect on Monday, April 13th, 2026, at 10am Eastern Time (14:00 GMT).
Al Jazeera - The ceasefire talks between the US and Iran collapsed over the weekend prior to April 13th, 2026.
Al Jazeera - The fragile truce between Washington and Tehran is officially in place until April 22nd, 2026.
WHY:
IEA – International Energy Agency - A growing number of countries have implemented policies to reduce demand for oil due to rising prices and supply disruptions.
CNN - The US blockade is expected to stymie the amount of fuel shipping out of Iran, impacting China's energy supply.
Al Jazeera - The blockade was announced following the collapse of ceasefire talks between US and Iranian officials.
HOW:
CNN - The Chinese government has given state refiners the green light to tap into commercial oil reserves as the Iran war continues.
Al Jazeera - The US Navy will implement the blockade to prevent ships from entering or exiting the Strait of Hormuz.
(UPDATED April 14, 2026 17:21 UTC)
Oil prices have surged to record levels near $150 per barrel, a significant jump from futures market prices, as the International Energy Agency reports that the conflict has led to a loss of over 13 million barrels per day in oil exports. Additionally, global oil demand is now projected to decline by 80,000 barrels per day on average in 2026, a stark contrast to earlier expectations of growth. This shift comes as more countries implement policies aimed at reducing oil demand in response to rising prices and ongoing supply disruptions.
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(UPDATED April 14, 2026 07:21 UTC)
President Trump has threatened to strike Iranian vessels in the Strait of Hormuz, which has contributed to a significant spike in oil prices, rising more than 8 percent on Sunday to top $103 a barrel. This increase marks the first time since on Tuesday, that prices have exceeded $100, while only 17 vessels crossed the Strait on Saturday, a sharp decline from the usual 130 daily transits. In response to the ongoing conflict, the Chinese government has authorized state refiners to utilize commercial oil reserves to mitigate the impact on their energy supply.
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(UPDATED April 13, 2026 19:25 UTC)
President Trump announced a naval blockade of Iran, which will be enforced by the US Navy starting on Monday at 10 a.m. Eastern Time in the Strait of Hormuz, a vital passage for global oil and natural gas supplies. This decision follows the collapse of ceasefire talks between US and Iranian officials over the weekend, and it is expected to impact vessels traveling to and from Iran, while allowing other traffic to continue. In response to the blockade announcement, oil prices surged more than 8 percent, surpassing $103 a barrel, with Brent crude previously exceeding $111 a barrel.