Following the US Central Command's announcement of a blockade on maritime traffic to and from Iran, oil prices have surged above $100 per barrel. The blockade, which is set to begin at 10 a.m. ET on Monday, aims to enforce restrictions on all vessels entering or departing Iranian ports in the Strait of Hormuz. Brent crude futures rose 7.3% to $102.16 a barrel, while U.S. West Texas Intermediate (WTI) crude increased 8.4% to $104.69 a barrel. This move follows unsuccessful negotiations in Islamabad, Pakistan, regarding the ongoing tensions in the region. Iranian Speaker Mohammad Bagher Ghalibaf mocked the US in response to the rising oil prices, suggesting that Americans would soon miss lower gas prices. The Iranian Revolutionary Guards have warned that any military vessels approaching the Strait of Hormuz will face serious consequences. The blockade is expected to exacerbate energy supply issues, particularly for countries like India, which heavily rely on oil imports from Iran and other Gulf nations. Indian Prime Minister Narendra Modi has alerted citizens to prepare for potential challenges arising from the conflict, although the government has assured that there is currently no shortage of fuel supplies.