Oil Prices Spike After U.S. Reimposes Iran Naval Blockade

Oil prices jumped sharply today after the United States announced it has reinstated a naval blockade against Iran. The move restricts the movement of oil tankers in key shipping lanes, raising fears of supply disruptions. The blockade targets vessels traveling to and from Iranian ports. Analysts say this could cut off a significant portion of global crude supply. The price of Brent crude rose by more than 4% in early trading. The U.S. government stated the action is meant to enforce sanctions and prevent oil smuggling. No specific timeline was given for how long the blockade will remain in place. Traders are watching for any military response from Iran. The situation remains tense, and further price increases are possible if shipping routes are disrupted for an extended period.