Oil Prices Rise Above $99 Amid U.S. Navy Blockade on Iran

AI Summary

Crude oil prices increased significantly as the U.S. Navy implemented a blockade on Iran's ports after failed peace negotiations. U.S. crude oil futures for May delivery rose more than 2% to $99.08 per barrel, while Brent crude for June delivery advanced over 4% to settle at $99.36. The blockade commenced on Monday at 10 a.m. ET and aims to enforce shipping regulations against all vessels entering Iranian waters. The security situation has drastically decreased tanker traffic, with only three supertankers making recent trips, compared to pre-war levels where over 100 vessels transited daily.