Synopsis: Crude oil surged over 8% above $100 per barrel on April 13, 2026, after US-Iran peace talks in Pakistan collapsed over the weekend and President Trump ordered the US Navy to blockade all maritime traffic entering and leaving the Strait of Hormuz. Brent crude rose to $102.80 while WTI jumped to $104.77 per barrel.
Global oil markets opened Monday in crisis mode after the US and Iran’s peace talks failed. This failure led Trump to order a US Navy blockade of the Strait of Hormuz starting from April 13. The US and Israel’s conflict with Iran, combined with the closure of the Strait of Hormuz, has created the largest oil supply shock on record. This situation has cut off about 12 to 15 million barrels of crude oil per day.
For India, which imports more than 85% of its crude oil, a lasting price of over $100 per barrel puts direct pressure on the current account deficit, retail fuel prices, and inflation. This makes every update from the strait a critical event. Brent crude increased by $7.60 or 7.98% to $102.80 per barrel, while WTI rose 8.61% to $104.77 per barrel.
Brent closed at $95.20 on Friday and has jumped over 31% since the conflict began in late February. US crude closed at $96.57 on Friday, up more than 44% since the start of the war. A gallon of regular gasoline in the US averaged $4.12 on Sunday, up 38% since the war began.
Shipping traffic through the Strait of Hormuz has been largely blocked by Iran since February 28, 2026, when the US and Israel launched an air war against Iran. The strait’s two unidirectional sea lanes facilitated transit of around 20 million barrels of oil per day before the conflict, representing roughly 20% of global seaborne oil trade.
The failure of the Islamabad talks and the US naval blockade of the Strait of Hormuz have thrown global energy markets into uncertainty. With Brent crude above $100, the world now faces a serious supply deficit of 12 to 15 million barrels per day. This is an unprecedented shock. For India, the situation is critical; until a breakthrough happens, the “war premium” continues to weigh heavily on the country’s economic recovery and fiscal health.
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