Crude Oil Prices Strait Of Hormuz Crude Oil Market Middle East Crisis US Dollar Rally — An oil tanker moves through the Strait of Hormuz at dawn. The waterway carries nearly a fifth of the world's oil supply. Now it sits at the center of a growing standoff between the US and Iran.

Crude oil jumps 8% above $100 as peace talks stall

Oil tops $100 as US moves to blockade Iran. A shaky ceasefire falls apart. Stocks slide and the dollar climbs as markets brace for what comes next.

By Fahad Last updated Apr 13, 2026

Oil Price – (Web Desk) – Crude oil jumped sharply on Monday morning, catching traders off guard as diplomatic efforts to ease Middle East tensions showed no real signs of progress. Asian stock markets felt the pressure, while the US dollar quietly climbed to its strongest point in over a week.

Oil markets opened the week with a jolt. West Texas Intermediate crude for May delivery climbed roughly 8% to hit $104.50 a barrel shortly after trading began, while Brent — the global pricing benchmark — rose 7% to reach $102 for June contracts. The move signals that energy traders are growing increasingly uneasy about supply disruptions in the region.

The backdrop? A fragile ceasefire that barely held together. Just last week, former President Trump’s two-week truce brokered through Pakistan had briefly calmed nerves, pushing oil prices lower and lifting stocks. But that optimism evaporated fast. Israeli strikes on Lebanon continued, and the Strait of Hormuz — one of the world’s most critical oil shipping lanes — remained effectively shut. Markets took note.

Asian investors reacted swiftly. South Korea’s Kospi index dropped 2% when trading opened Monday morning, though it managed to claw back some of those losses later in the session. Japan’s Nikkei fared somewhat better, slipping a more modest 0.3%.

Meanwhile, the US dollar found its footing. The greenback strengthened broadly against most major currencies in early Asian trade, with the US Dollar Index — which tracks the dollar against six key rivals — rising as much as 0.5% to reach $99.187. That marks its highest reading since April 7, suggesting investors are parking money in safer assets amid the renewed uncertainty.

The euro was down 0.5% at $1.1667 as the British pound fell 0.6% to $1.3383, while the Australian dollar was 0.8% lower at $0.7014 and the New Zealand dollar was off 0.7% at $0.5798.

US President Donald Trump said on Sunday that the US Navy would start blockading the Strait of Hormuz after marathon talks with Iran failed to reach a deal to end the war, jeopardizing a fragile two-week ceasefire.

Trump praises Pakistan role in Iran US talks

The US Central Command told US forces would begin implementing the blockade of all maritime traffic entering and exiting Iranian ports from 10am ET (7pm, Pakistan standard time) on Monday.

“Early and thin FX trading this morning is showcasing a risk-off mood, with the broad-based rally in the USD in response,” analysts from Westpac wrote in a research note.