Oil prices surge 5% after US escalates tensions in Strait of Hormuz

Oil prices rose sharply on Monday, with US crude oil futures and Brent crude oil futures increasing by $5, according to a Reuters report cited by Al Jazeera. The price surge followed reports of the return of restrictions and the blocking of traffic in the Strait of Hormuz, a critical chokepoint for global oil shipments. Brent crude oil prices jumped to over $80 per barrel during the trading session.

The development comes as US President Donald Trump claimed on Monday that the United States would re-impose a naval blockade on Iran. His statement appeared aimed at calming critics within the US who have protested his policies, which they describe as futile and costly illusions that have negatively impacted the US economy and the lives of American people.

The Strait of Hormuz, located between Iran and Oman, is a vital waterway through which about one-fifth of the world's oil passes. Any disruption in the strait can have significant effects on global oil prices. The reported blockade and heightened tensions have raised concerns about supply disruptions, leading to the sharp increase in oil prices.

According to the report by Mehr News, the price increase reflects market anxiety over potential supply constraints. The situation remains fluid, with traders closely monitoring developments in the region.