Oil prices surged 8%, surpassing the $100 per barrel mark.

Oil prices surged above $100 a barrel in Asia on April 13th, amid preparations by the US Navy to blockade the Strait of Hormuz.

Refueling a vehicle at a gas station in Yunnan, China. Photo: THX/VNA

This move could cripple Iran's oil exports after the two sides failed to reach an agreement to end the war.

At 6:10 AM Vietnam time, Brent crude oil prices rose $7.60, or 7.98%, to $102.80 per barrel, after a slight decline of 0.75% last Friday. Meanwhile, West Texas Intermediate (WTI) crude oil prices increased $8.31, or 8.61%, to $104.88 per barrel, a strong recovery after a 1.33% drop in the previous session.

President Donald Trump announced on April 12 that the U.S. Navy would begin blockading the Strait of Hormuz. This decision heightened tensions after protracted talks with Iran failed to reach an agreement to end the conflict, directly threatening the fragile two-week ceasefire. The U.S. president added that oil and gasoline prices are likely to remain high until the midterm elections in November.

The US Central Command announced that its forces would begin enforcing a blockade of all maritime traffic entering and leaving Iranian ports starting at 10:00 AM Eastern Time on April 13 (9:00 PM Vietnam time).

Saul Kavonic, head of energy research at MST Marquee, noted that the market has largely returned to pre-ceasefire levels. However, the key difference is that the U.S. will now block up to 2 million barrels per day of Iranian-related oil supplies passing through the Strait of Hormuz.

Analysts Brian Martin and Daniel Hynes from ANZ bank believe that this move not only curbs exports from oil producers in the Persian Gulf but also limits Iran's ability to export oil, thereby exacerbating the supply disruptions already facing the market.

Source: https://baotintuc.vn/kinh-te/gia-dau-tang-vot-8-vuot-nguong-100-usdthung-20260413071123465.htm