Oil prices surge after Trump says U.S. will blockade the Strait of Hormuz

Iran warOil prices surge after Trump says U.S. will blockade the Strait of Hormuz"Soon you'll be nostalgic for $4–$5 gas," the speaker of Iran's parliament said Sunday.Listen to this article with a free account00:0000:00Add NBC News to GoogleVance says there was 'no deal' with Iran during peace talks01:24Get more newsLiveonShareAdd NBC News to GoogleApril 12, 2026, 6:30 PM EDTBy Steve KopackThe price of oil surged Sunday night after President Donald Trump said the U.S. would blockade the Strait of Hormuz following the failure of peace talks with Iran.Subscribe to read this story ad-free Get unlimited access to ad-free articles and exclusive content.U.S. crude oil soared 8%, to more than $104 per barrel. International Brent oil jumped more than 7%, to $103 per barrel. Wholesale gas prices also spiked 6%, while heating oil, a proxy for jet fuel prices, jumped 10% in early trading.Stock futures declined sharply. Futures that indicate where the S&P 500 will trade fell 1%, Nasdaq 100 futures slid 1.3%, and Dow futures tumbled more than 500 points."Effective immediately, the United States Navy, the Finest in the World, will begin the process of BLOCKADING any and all Ships trying to enter, or leave, the Strait of Hormuz," Trump said on Truth Social."I have also instructed our Navy to seek and interdict every vessel in International Waters that has paid a toll to Iran," Trump added in the post.The Strait of Hormuz is one of single most important waterways for oil and other energy products such as liquefied natural gas. Before the war, hundreds of ships per day passed through it, carrying that energy to the global marketplace. But on most days since the war began Feb. 28, fewer than 10 ships a day have been able pass through."Reopening the Strait has become the market’s most time-sensitive priority," JPMorgan Chase commodities analysts said Sunday. "The last tanker to clear Hormuz on February 28 is expected to reach its destination around April...