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Oil Surges With Gas as US Blockade of Hormuz Escalates Crisis

Charlie Zhu, Sarah Chen, Charles Gorrivan
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The US imposed a naval blockade on the Strait of Hormuz after failed weekend negotiations with Iran, triggering a sharp spike in global energy prices and deepening an ongoing energy crisis. Brent crude surged 8.6% to exceed $103 per barrel, while European gas futures jumped nearly 18% as markets reacted to the escalation and potential supply disruptions. The blockade, effective 10 a.m. New York time Monday, targets only vessels entering or leaving Iranian ports, per US Central Command, raising fears of broader regional conflict. The move follows collapsed diplomatic talks between Washington and Tehran, heightening geopolitical tensions and threatening to destabilize global oil and gas flows. Analysts warn prolonged disruptions could worsen inflation, strain economies, and accelerate the search for alternative energy sources amid volatile markets.
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Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the worldAmericas+1 212 318 2000EMEA+44 20 7330 7500Asia Pacific+65 6212 1000Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the worldAmericas+1 212 318 2000EMEA+44 20 7330 7500Asia Pacific+65 6212 1000War With Iran:Oil and natural gas surged as the US moved to blockade the Strait of Hormuz after weekend talks between Washington and Tehran failed to reach a deal, escalating a global energy crisis that’s rocked markets.Global benchmark Brent rallied as much as 8.6% to above $103 a barrel, while European gas futures spiked almost 18% at one point. US forces will begin implementing the blockade, which applies only to vessels entering or departing Iranian ports, from 10 a.m. New York time Monday, the US Central Command said.

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Source: Bloomberg

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