US blocks maritime traffic to Iran, oil prices surge Monday
Business
Oil prices shot up on Monday after the US announced it is blocking all maritime traffic entering and exiting Iranian ports and coastal areas, saying talks with Iran broke down.
The move, starting April 13 at 10:00am ET, is meant to answer what President Trump calls Iran's disruption of global trade.
Brent rises to $102, WTI falls
After the news broke, Brent oil futures climbed over 7% to $102 a barrel, while WTI crude actually dropped nearly 9%.
In India, crude prices also jumped by about 6%.
Meanwhile, Saudi Arabia quickly restored its major pipeline and ramped up production at the Manifa oil field, basically stepping in to keep global oil supplies steady while things heat up between the US and Iran.