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GeopoliticsMediumUpdated•Originally published 13 April 2026•Updated 14 April 2026•

1 min read

Oil Surges Past $102 as Trump Orders Hormuz Blockade, US Futures Slump

US flag on map, Middle East map, warships, oil tankers, oil barrels, and naval mines on water, with trade routes and an upward trend graph.

Key Facts

1The U.S. Navy (CENTCOM) is initiating measures to squeeze Iran's economy in the Strait of Hormuz.

about 2 months ago

Version History

1 additional source confirmed this story

Version 1about 2 months ago

What changed: Updated headlines and body to reflect Brent crude breaking $102 following Trump's blockade order, including new data on Treasury yields and Goldman Sachs earnings.

Global markets faced significant volatility after President Trump ordered a blockade of the Strait of Hormuz, sending Brent crude prices surging 7% to over $102 per barrel. The escalation triggered a sell-off in U.S. equities, with S&P 500 and Nasdaq 100 futures dropping 0.7% as all 'Magnificent Seven' tech stocks traded lower in premarket. Safe-haven flows and rising inflation expectations pushed 10-year Treasury yields to 4.35%, boosting the U.S. dollar by 0.3% and weighing on gold prices, which edged down toward $4,710 an ounce. Adding to the market stress, Goldman Sachs kicked off the banking earnings season with a miss on FICC revenue, further dampening investor sentiment. Market participants are now bracing for the impact of the blockade on global energy security and trade stability.