Oil prices rise after Trump's remarks on imposing naval blockade on Iran

Oil prices recorded a notable rise on Monday, driven by US President Donald Trump's remarks about imposing a naval blockade on Iran.

These developments come amid geopolitical tensions in the Middle East, raising fears of disruptions in global oil supplies.

Oil prices rise more than 4% on Monday - Agencies

Oil prices rise more than 4% on Monday - Agencies

2026/07/13 23:45

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Crude prices rose by more than 4% on Monday following Trump's announcement of a potential naval blockade against Iran.

Brent crude futures increased by $3.21 per barrel, or 4.22%, settling at $79.22.

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Meanwhile, US West Texas Intermediate crude rose by $3.04, or 4.26%, to reach $74.45 per barrel.

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This rise reflects the markets' sensitivity to any threats to navigation in the Gulf waters, especially with increasing prospects of restrictions on Iranian exports. Investors are closely watching Tehran's reactions and any diplomatic developments that could affect the price trajectory. Markets are expected to remain cautiously watchful in the coming days.