Oil Prices Surge 8 Percent Amid Trump's Threat to Blockade Strait of Hormuz

Moscow (ANTARA) - Global oil prices surged 8 percent after US President Donald Trump announced a threat to blockade the Strait of Hormuz, with Brent crude oil reaching $102 (Rp1.7 million) per barrel, according to trading data. On Sunday (12/4) at 22:01 GMT or Monday at 05:01 WIB, Brent crude for June delivery rose 7.76 percent from the previous close to $102.59 per barrel; meanwhile, WTI crude for May delivery increased 8.2 percent to $104.51 (around Rp1.7 million). Previously, on Saturday (11/4), Iran and the US began talks in Islamabad, Pakistan, following the announcement of a two-week ceasefire agreement between the US and Iran. Trump also announced that the US would begin blockading all ships attempting to enter and exit the Strait of Hormuz. He instructed the US Navy to track and intercept all ships paying Iran to pass through the strait. US Central Command (CENTCOM) has vowed to initiate a blockade of all maritime traffic entering and exiting Iranian ports on Monday at 14:00 GMT or 21:00 WIB.