2026.04.1300:36:28UTC+00Gasoline Jumps on US Hormuz Blockade Plans

Gasoline futures surged more than 4% on Monday to above $3.10 per gallon, erasing last week’s losses, after the US announced plans to block the Strait of Hormuz amid stalled negotiations with Tehran. US Central Command said it will begin enforcing a maritime blockade on all vessels entering and leaving Iranian ports starting April 13. The move will apply to ships of all nations calling at ports in the Arabian Gulf and the Gulf of Oman, while transit through the Strait for non-Iranian destinations will remain unaffected. At the same time, reports indicate that Donald Trump is considering renewed airstrikes on Iran after previously agreeing to a two-week ceasefire. These developments have reignited concerns that the conflict may last longer than anticipated, raising the risk of more severe global supply disruptions and injecting fresh volatility into energy markets.