President Donald Trump's decision to reimpose a naval blockade against Iran has triggered a significant surge in global oil prices, with Brent crude futures rising over 9% to $83.30 per barrel—the largest daily gain since May 2020.The move comes amid escalating tensions between the U.S.and Iran over control of the Strait of Hormuz, a critical maritime chokepoint for global oil shipments.

The blockade, which targets Iranian vessels while allowing open access for other nations, follows a weekend of military strikes between the two countries.The U.S.launched additional attacks on Iranian targets after Iran's Revolutionary Guard attacked a commercial ship in the strait, prompting retaliatory strikes.Iran responded by targeting U.S.military facilities in the Gulf, though the U.S.insists the strait remains open to all lawful traffic.

The conflict threatens to disrupt over 20% of the world's oil supplies, with maritime security warnings urging extreme vigilance for ships navigating the region.Analysts warn that the situation could escalate further, with strategic oil reserves offering only temporary relief.