The U.S. military announced it will commence a blockade of all Iranian ports on Monday, April 13th. The escalation follows the breakdown of high-stakes talks in Islamabad, with President Donald Trump citing as the primary cause the Islamic Republic’s refusal to abandon its nuclear program.
On social media, Trump declared a blockade of the strategic Strait of Hormuz—a vital shipping lane he had previously demanded Tehran keep fully open. The announcement came shortly after Vice President JD Vance departed negotiations with an Iranian delegation on Sunday without reaching an agreement.
Global markets reacted sharply to the news, with oil prices surging and stocks tumbling straight afterwards. Crude prices, which had fallen last week after a brief ceasefire agreement, spiked approximately 8%, sending both major benchmarks above the $100-per-barrel mark.
