Oil Prices Rise After The US Says It Would Block Iranian Ports Starting Monday

FILE - Oil tankers and cargo ships line up in the Strait of Hormuz as seen from Khor Fakkan, United Arab Emirates, Wednesday, March 11, 2026. (AP Photo/Altaf Qadri,File)

By MAE ANDERSON AP Business Writer

NEW YORK (AP) — Oil prices rose in early market trading on Sunday after the U.S. said it would blockade Iranian ports beginning Monday.

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.

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. On Friday, ahead of the peace talks, Brent for June delivery fell 0.8% to $95.20 per barrel.

Iran has been effectively controlling the Strait of Hormuz, a key waterway for global oil shipping.