Oil prices are anticipated to remain firm above $100 per barrel following US President Donald Trump's announcement of a blockade on the Strait of Hormuz. This decision comes after failed negotiations between US and Iranian officials, heightening tensions in the region. According to Daniel Hynes, a senior commodities strategist at ANZ Research, the blockade will significantly restrict oil exports from both Iran and other Persian Gulf producers, exacerbating existing supply disruptions. The US Central Command has stated that the blockade will be enforced against all vessels entering or exiting Iranian ports starting April 13. As a result, both West Texas Intermediate (WTI) and Brent crude prices surged, with WTI trading at $103.69 a barrel and Brent at $101.80 at the time of reporting. Market participants are closely watching for upcoming reports from OPEC, the International Energy Agency, and various economic indicators that could influence oil prices further.