Brent Crude Surpasses $102 per Barrel Amid U.S.-Announced Blockade of Strait of Hormuz

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Brent crude oil prices surged sharply on Monday morning, April 13, according to data from the London-based ICE Futures exchange.

During trading, June futures for Brent crude rose by 7.27%, reaching $102.12 per barrel.

Meanwhile, on the electronic trading platform of the New York Mercantile Exchange, May futures for West Texas Intermediate (WTI) crude oil increased by 8.45%, hitting $104.73 per barrel.

This market reaction followed the announcement by U.S. President Donald Trump of a blockade of the Strait of Hormuz, following unsuccessful nuclear negotiations with Iran.