Crude oil prices experienced a sharp increase, rising by around 11% to exceed $105 per barrel, following U.S. President Donald Trump's announcement of a blockade on the Strait of Hormuz. This decision came after peace negotiations with Iran failed, leading to heightened tensions in the region. West Texas Intermediate (WTI) crude oil futures were trading at approximately $104.25 per barrel, while Brent crude was near $101 per barrel. The U.S. Navy is reportedly preparing to block vessels attempting to navigate through the Strait, citing Iran's unwavering stance on its nuclear program as a primary concern. In a statement on Truth Social, Trump emphasized the blockade's immediate implementation, accusing Iran of reneging on its commitment to keep the critical waterway open. The Strait of Hormuz is a crucial passage for global oil transport, with over 20% of the world's crude oil moving through it, making any blockade a potential catalyst for widespread energy supply disruptions.