The price of Brent crude for June delivery surged over 7% on Monday, exceeding $102, after US President Donald Trump stated that the US has recommended commercial mariners to follow Notices to Mariners and contact US naval forces on channel 16 from bridge to bridge when operating in the Gulf of Oman and in the approaches to the Strait of Hormuz. At 7:00 GMT on Monday, according to Bloomberg data, the price of Brent crude, the benchmark in Europe, jumped 7.51% to $102.25. During the night, it reached $103.87. Similarly, US oil (WTI) appreciated by 8.59% to $104.86 before the official market opening in the US. Oil prices rose again after weekend negotiations between the US and Iran in Pakistan ended without an agreement, and following Trump's announcement that his country would block all ships attempting to enter or exit the Strait of Hormuz. US Central Command (Centcom) announced it will begin blocking all maritime entry and exit traffic at Iranian ports from 10:00 ET (15:00 GMT).
