Brent and WTI jump after Tehran signals plans to close the Strait of Hormuz, trimming gains following Trump’s social media comments.
Oil prices climbed more than 4% Monday as Iran threatened to fully block the Strait of Hormuz, a critical chokepoint for global crude shipments. Brent settled at $94.98 a barrel, up 4.2%, while WTI rose 5.5% to $94.75, both off intraday highs near $97.80 after earlier gains were pared.
The surge followed reports that Iran halted indirect talks with the U.S. and planned to activate the Bab el-Mandeb Strait alongside Hormuz. Ship-tracking data showed vessel crossings through Hormuz fell to 10 over the weekend, down from prior weeks. OPEC+ was also reported to consider raising output quotas by 188,000 barrels per day.
Prices retreated slightly after Trump posted on social media that Iran talks were progressing and Hezbollah agreed to a ceasefire, easing immediate supply disruption fears.