U.S. Central Command · Associated Press Technology
US Central Command confirms it will begin a blockade of Iranian ports on Monday
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Vice President JD Vance arrives for news conference after meeting with representatives from Pakistan and Iran, Sunday, April 12, 2026, in Islamabad, Pakistan. (AP Photo/Jacquelyn Martin, Pool)
Key facts
- The price of U.S. crude oil rose 8% to $104.24 a barrel and Brent crude oil, the international standard, rose 7% to $102.29
- Michael Lynch, distinguished fellow at Energy Policy Research Foundation, estimates Trump’s threatened blockade could boost oil prices $5 to $10 when the market opens on Monday
- Brent crude oil, the international standard, has gone from roughly $70 per barrel before the war in late February to more than $119 at times
- Brent crude has swung dramatically during the Iran war, rising from roughly $70 per barrel before the war in late February to more than $119 at times
Summary
Australian Prime Minister Anthony Albanese has announced he will visit regional neighbors in his efforts to secure fuel supplies threatened by the Iran war. Albanese visited Singapore last week and said on Monday he would visit Brunei and Malaysia this week to “ensure Australia’s energy supply remains secure during times of uncertainty.” The three Southeast Asian countries are major suppliers of Australia’s gasoline, diesel and jet fuel. Albanese will meet Brunei’s Sultan Hassanal Bolkiah and Malaysian Prime Minister Anwar Ibrahim in visits between Tuesday and Friday. Albanese told reporters in the Australian capital Canberra on Monday he would not preempt outcomes of those meetings.