Oil tankers and cargo ships line up in the Strait of Hormuz as seen from Khor Fakkan, United Arab Emirates, on March 11, 2026. Altaf Qadri/AP
Brent crude oil futures prices surged late on April 12 following the United States’ threat to block Iranian ports after negotiations to end the conflict failed, as Iran refused to agree to U.S. terms to give up its nuclear program.
Oil prices hit a high of $103.49 per barrel on April 12 after closing at $95.20 on April 10.
