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Brent crude oil futures surged by more than 9% on Monday after US President Donald Trump announced a naval blockade of the Strait of Hormuz and as talks between Washington and Tehran in Islamabad failed to produce an agreement, according to trading data reported by TASS.

The June 2026 Brent contract on London's ICE exchange rose to $103.87 per barrel in early trading, a gain of 9.11%, before paring some of those gains to $102.26 (+7.42%) by late morning Moscow time, per the same source. Meanwhile, WTI crude futures for May 2026 delivery climbed 8.57% to $104.85 per barrel.

Coverage Comparison

The market reaction has been extensively covered by TASS, which highlighted the impact of President Trump's statements on a blockade of the Strait of Hormuz and the lack of progress in negotiations with Iran in Islamabad. Reporting from the Russian state news agency focused on the economic fallout across global markets, with particular attention to Asian equities and fuel price concerns.

All five articles from TASS attributed the oil price spike directly to Trump's rhetoric and the diplomatic impasse. The most recent report, dated April 13, tied the rise specifically to Trump's April 12 announcement that US and other countries' navies would begin a blockade of the strait. An earlier piece noted that Trump had ordered a five-day delay in potential strikes on Iran's energy infrastructure, which had briefly pushed Brent down by 14% to $96 per barrel.

Key Claims

  • Oil price surge: Brent crude for June 2026 delivery rose more than 9% to $103.87 per barrel following Trump's blockade announcement, as reported in multiple TASS dispatches. WTI for May 2026 gained 8.57% to $104.85.
  • Market volatility: Prices have swung sharply in recent weeks. On April 2, after Trump's televised address on the US-Israeli operation in Iran, Brent initially fell 1.35% to $99.79, then reversed to gain 6.51% to $107.75 within hours, according to TASS.
  • Iran talks fail: Iran and the United States held several rounds of talks in Islamabad on April 11, but both sides said no agreement on a long-term settlement was reached due to differences, per TASS.
  • Blockade announced: Trump announced on April 12 that the US and allied navies would blockade the Strait of Hormuz, a key oil shipping lane.
  • Delay of strikes: Trump had earlier ordered a five-day delay in potential strikes on Iran's energy infrastructure, describing negotiations as "productive," though Iran denied any dialogue was underway, as reported by TASS.
  • Projected price spike: Kirill Dmitriev, Russia's presidential envoy for investment and economic cooperation, said global oil prices could exceed $150 per barrel as early as this week, a claim carried by a single outlet and not independently verified.

Market Reactions

Asian markets tumbled in response to the geopolitical tensions. The Nikkei index on the Tokyo Stock Exchange fell 1.1% to 56,299.51 points on April 13, according to TASS. Hong Kong's Hang Seng index dropped 1.18% to 25,587.26, with tech stocks also declining.

In contrast, Russia's MOEX and RTS indices rose 0.75% at the opening of the main session on April 13, according to the same report.

On April 2, the Nikkei had lost 2.41% to 52,445.7 points following Trump's televised address, with analysts quoted by TASS saying negative sentiment dominated due to the lack of prospects for a quick resolution to the conflict.

Perspectives

Several factors have driven the oil price volatility, according to the reports. The immediate trigger for the latest surge was Trump's blockade announcement, which raised fears of supply disruptions through the strategic waterway. The failure of the Islamabad talks removed hopes for a diplomatic breakthrough.

Trump has also threatened attacks on Iran's energy and civil infrastructure unless Tehran allows resumption of large-scale shipping in the Strait of Hormuz, setting deadlines that he has repeatedly extended, as reported by The New York Times and referenced by TASS. The US president stated he does not need supplies through the strait, saying it is up to other countries to restore shipping there.

Trump also said in an interview with Fox News that fuel prices in the United States could rise further ahead of the November midterm elections, as reported by TASS. In response, the Swedish government announced temporary tax cuts on gasoline and diesel and new energy subsidies, according to a government press release cited by the same agency.

Kirill Dmitriev's prediction of oil above $150 per barrel, reported by TASS, underscores the potential for further price escalation if the conflict continues. Iran has denied that any dialogue with the United States is taking place, despite Trump's reference to "productive negotiations," creating additional uncertainty.

Note on Figures

The figures for oil prices and index movements varied across TASS reports due to different reporting times. The April 13 report showed Brent gaining 9% in early trading, while an earlier report noted a 6.5% gain following Trump's address on April 2. The discrepancy reflects intraday price swings.

A report from April 7, citing The New York Times, indicated Brent had risen 52% since the beginning of the conflict. This figure has not been independently verified by other sources in this coverage.

All reports in this article come from TASS; no other news outlets were available for comparison, so this coverage represents a single-source perspective, albeit with consistent data across multiple dispatches.