Crude oil recorded gains exceeding 8% at the start of the week’s trading in the European session on Monday, April 13, after rising more than 10% at the opening of Asian markets. This surge followed threats from US President Donald Trump to impose a blockade on the Strait of Hormuz and escalate pressure on Iran. US crude (WTI) rose by approximately 8.03%, trading at $104.32 a barrel, while Brent crude traded at $102.47 a barrel, up by about 7.50%.

The US president stated that the United States would begin imposing a blockade on ships bound for Iranian ports starting Monday, following the collapse of peace talks between Washington and Tehran, further exacerbating the unprecedented global energy crisis.