Oil price jumps to $115 after reports of 'extended' Iran blockade
Summary
Oil prices have risen sharply to around $115 per barrel after reports that President Donald Trump plans to extend the blockade of Iran’s ports. The blockade aims to pressure Iran’s economy, and Iran has responded by disrupting shipping through the Strait of Hormuz, a critical route for global oil supplies.Key Facts
- Brent crude oil price rose to about $115 a barrel after news of a planned extended US blockade on Iran.
- The blockade is intended to limit Iran’s oil exports and hurt its economy.
- Iran has restricted shipping through the Strait of Hormuz, which carries about 20% of the world’s oil and natural gas.
- The Strait of Hormuz has been effectively closed for weeks due to the ongoing conflict involving Iran, the US, and Israel.
- Iran warned that ships near the strait could be targeted, increasing tensions in the region.
- The US has declared it will intercept or turn back vessels going to or from Iranian ports.
- Oil prices fell after a ceasefire in the nearby Israel-Lebanon conflict, but have recently risen again due to the blockade.
- The World Bank predicts energy prices will rise 24% in 2026 if major disruptions from the Iran conflict end in May.
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