Oil prices experienced a significant increase, surpassing $100 per barrel, as U.S. President Donald Trump announced a blockade of the Strait of Hormuz starting April 13. The blockade follows unsuccessful ceasefire negotiations with Iran that took place in Pakistan, where key issues included Iran's nuclear activities and its support for proxy groups like Hezbollah. Brent crude oil futures rose 8% to $102.93 per barrel in early trading. The U.S. military, under Central Command, will enforce this blockade on all maritime traffic linked to Iranian ports, which have been effectively restricted since late February, cutting off approximately 20% of the world's oil supply. Despite the heightened tensions, Iran has indicated it will not engage in future nuclear talks with the U.S., although Middle Eastern governments are reportedly trying to facilitate further discussions between Washington and Tehran.