Strait of Hormuz Blockade Fuels Brent Crude to $95+ Rally

Oil traders worldwide braced for impact as Iran's reimposed blockade on the Strait of Hormuz ignited a fierce rally in crude prices Monday. Brent crude blasted past $95 to $95.40—a 5.55% leap—while WTI powered 6.11% higher to $87.63 in early session action. The catalyst: Iran's defiant resealing of the strait, backed by threats of action against unpermitted vessels. Tehran attributes the step to U.S. blockades strangling its ports, deeming it a justified counter to truce breaches. Khamenei mobilized the navy for decisive confrontations against enemies. The U.S. responded aggressively, impounding an Iranian vessel breaching its perimeter. Trump labeled the maneuver toothless coercion, standing firm. Iran's vow of countermeasures now imperils the two-day truce, heightening collision risks. Echoing internationally, MCX May 2026 crude contracts in India soared 6.64% to 8,175 rupees. Domestic indices Sensex and Nifty started the day in the red amid energy volatility fears. Asian bourses bucked the trend positively, with Nikkei, Hang Seng, and Kospi each up around 1%. U.S. markets wrapped the previous day strongly: S&P 500 +1.2%, Nasdaq +1.52%. Handling 20% of global oil shipments, Hormuz's fate remains pivotal. This flare-up underscores enduring Middle East frictions, promising turbulent weeks ahead for commodities, inflation gauges, and supply chains unless tensions thaw rapidly.