Oil price tops $100 a barrel after US-Iran talks fail and Trump orders strait of Hormuz blockade

The Guardian - World News Economic ImpactNews ReportEN 2 min read 100% complete by Julia KolleweApril 13, 2026 at 09:16 AM

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Oil prices surged above $100 a barrel on Monday after US-Iran talks in Pakistan failed and former US President Trump ordered a blockade of the Strait of Hormuz, effective immediately. The US Central Command began seizing control of maritime traffic in the strait, targeting Iranian vessels and ships paying tolls to Iran. Brent crude rose nearly 7% and US crude increased over 8%, while British wholesale gas prices also jumped. Asian stock markets mostly fell in response. Analysts suggest the blockade, intended to choke off Iranian oil flow, adds significant risk to oil markets and could contribute to global inflation. A UN report warns that the economic fallout from the conflict could push over 32 million people worldwide into poverty, particularly in developing countries.

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Key Claims (5)

AI-Extracted

US crude is up more than 8% to $104.69 a barrel.

statistic100% confidence

Brent crude rose by nearly 7% to $101.74 a barrel on Monday morning.

statistic100% confidence

Oil prices jumped above $100 a barrel after US-Iran talks failed and Donald Trump imposed a blockade of the strait of Hormuz.

factual100% confidence

Hormuz risk is not theoretical; it is structural, and it is real.

quote — Priyanka Sachdeva, senior market analyst at Phillip Nova90% confidence

More than 32m people worldwide could be plunged into poverty by the economic fallout from the Iran war.

prediction — United Nations Development Programme70% confidence

Claims are automatically extracted and should be independently verified. Attribution indicates the stated source of the claim.

Key Entities & Roles

Key Player Opposition Context

Phillip Nova 30% Pepperstone 30% Nikkei 35% Hang Seng Index 35% Michael Brown 35% United Nations Development Programme 40% JPMorgan Chase 40% Priyanka Sachdeva 40% Iran ×680% United States ×585% Donald Trump ×290% Strait of Hormuz ×595%

Keywords

oil prices 100% strait of hormuz 90% us-iran talks 80% blockade 70% energy prices 60% global economy 50% gas prices 50% economic fallout 40% crude oil 40%