Oil Surges after US-Iran Talks Collapse

2026-04-13 13:10 By Agna Gabriel 1 min. read

WTI crude oil futures surged more than 7% to $103.6 per barrel on Monday, recouping losses from last week after President Donald Trump announced a US blockade of the Strait of Hormuz, following the collapse of weekend negotiations with Iran.

The restrictions will apply only to vessels entering or leaving Iranian ports starting at 10 a.m.

Eastern Time.

The US accused Tehran of refusing to curb its nuclear ambitions, while Iran reportedly sought control of the strait.

The key shipping route has effectively remained closed since the conflict began, driving sharp gains in oil and gas prices and raising concerns about inflationary pressures and weaker global growth.

Meanwhile, Saudi Arabia said it has restored full pumping capacity through its East-West pipeline to the Red Sea, along with output from the Manifa field.

OPEC data showed output plunged sharply in March, driven by steep declines across key producers including Saudi Arabia, Iraq, the UAE and Kuwait.



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