WTI crude oil surges 10% to $105.33 per barrel

WTI crude oil surged 10.00% intraday to reach $105.33 per barrel. The spike follows the conclusion of the first round of peace talks between the U.S. and Iran in Islamabad, Pakistan, over the weekend, which ended without a deal. In response, U.S. Central Command announced in a statement on April 12 that it will implement a blockade on all maritime traffic to and from Iranian ports, effective from 2:00 p.m. UTC on April 13. The U.S. military clarified, however, that it will not restrict freedom of navigation for vessels passing through the Strait of Hormuz to non-Iranian ports. The move is being interpreted as a full-pressure tactic by the U.S. after the negotiations failed to resolve the key issue of Iran abandoning its nuclear program.