Trump's Iran Port Blockade: Oil Prices Surge Over $100

Oil tankers are changing their routes today as the U.S. begins a blockade on Iranian ports. This follows a breakdown in peace talks between Washington and Tehran. President Trump announced the blockade on Sunday, warning that it targets all vessels entering or leaving Iran. The move escalates tensions in the Strait of Hormuz, a critical oil shipping lane. Starting at 10 a.m. ET, U.S. Central Command says the blockade affects maritime traffic from all nations. While ships heading to non-Iranian ports can still pass, many tankers are already altering their paths. For example, the Malta-flagged Agios Fanourios I made a U-turn near Hormuz after the announcement. The market is reacting quickly. Brent crude prices jump over 7% to $102 a barrel, reflecting fears of tighter oil supplies. Iran's Revolutionary Guards warn that any military vessels in the area will face severe consequences, adding more uncertainty for commercial shipping. This situation is critical because it impacts global oil prices and could lead to more instability in the region.