US Strait of Hormuz Blockade Drives Brent Above $100 After Iran Talks Collapse

The US blockade of the Strait of Hormuz, launched April 13 after direct US-Iran talks collapsed on April 12, endangers 20 million barrels of oil daily, or 27% of global maritime petroleum trade. Brent crude surged above $100 per barrel on March 12 for the first time since August 2022, with the International Energy Agency calling it the largest supply disruption in oil market history. Tensions endure despite a nominal two-week ceasefire under Pakistani mediation.