World oil prices have surpassed the 100 USD/barrel mark on the morning of April 13 Vietnam time, immediately after US President Donald Trump threatened to block all ships entering and leaving the Strait of Hormuz - the vital maritime route of global energy.
Brent oil price - international standard - increased by about 8%, to over 102 USD/barrel, while US crude oil touched the 105 USD mark. This is a rare time oil prices have returned to the three-digit mark after a series of fluctuations related to US-Iran tensions.
Not only the energy market, Wall Street also immediately reacted negatively. Dow Jones futures fell more than 500 points, while S&P 500 and Nasdaq simultaneously plummeted, reflecting widespread concern about geopolitical risks.
Speaking on television, President Donald Trump declared that the US will not let Iran "freely sell oil to anyone they want". He emphasized the new strategy: Either everything is circulated, or no one is allowed.
This move is seen as a significant escalation after efforts to reach a ceasefire agreement between Washington and Tehran have continuously failed.
According to a plan from the US Central Command, the blockade of the strait may begin at 10 am on Monday, April 13 (US time), applying to all ships entering and leaving Iranian ports. However, Washington affirmed that it still ensures freedom of navigation for routes not directly related to Iran.
The Strait of Hormuz has long been considered a strategic bottleneck, a transit point for about 20% of global oil supplies. Any disruption here could cause strong fluctuations in gasoline and oil prices.
In the past time, Iran has taken advantage of tensions to increase revenue, even imposing fees of up to 2 million USD per ship passing through. Data shows that the country's oil exports still averaged 1.85 million barrels/day - higher than the previous period.
Reacting to the US move, the Iranian Islamic Revolutionary Guards warned that they would "retaliate strongly and decisively" if military ships approached the area.
Experts warn that this oil price shock could spread to the entire economy. Gasoline prices in the US have increased to an average of 4.12 USD/gallon - 38% higher than at the beginning of the conflict.
According to analyst Karen Young at the Middle East Institute, if tensions persist, high gasoline prices will remain longer than expected, leading to inflationary pressure.
Not only fuel, food prices will also be affected in a chain reaction due to increased fertilizer, transportation and packaging costs following energy prices. "You will feel that in everything you buy at the supermarket," she said.
