Iran Blockade Disrupts Global Supply Chain, Rising Energy Prices Burden World Consumers

NEW YORK - Global oil prices continued to strengthen, rising by around 4% at the close of trading on Monday (13/4/2026) local time, or Tuesday (14/4/2026) morning WIB. The increase occurred after the United States (US) began blockading ships leaving Iranian ports following the failure of weekend negotiations between the two countries to end the war. Citing Reuters, the US military action has triggered retaliatory threats from Tehran against Gulf states, while worsening geopolitical tensions that have lasted more than six weeks since the joint US and Israel attack on Iran on 28 February. Brent crude prices were recorded up $4.16 or 4.4% to $99.36 per barrel. Meanwhile, West Texas Intermediate (WTI) crude strengthened by $2.51 or 2.6% to $99.08 per barrel. Turmoil is occurring amid uncertainty over the stance of US President Donald Trump, who frequently shifts between harsh threats and optimism for a peace agreement in the near future. The ongoing war has caused the largest disruption to global oil and gas supplies, particularly due to interference with traffic in the Strait of Hormuz, which serves as a route for around 20% of the world’s oil and liquefied natural gas flows. Rising energy prices are beginning to burden consumers in various countries. In the United States, petrol and diesel prices have reached their highest levels since mid-2022, prompting drivers to reduce consumption. Saudi Arabia is reported to reduce oil supplies to China in May.