Brent crude oil experienced a significant surge, rising 7.3% to exceed $100 per barrel, following the announcement of a US naval blockade on Iranian ports. This blockade, which is set to restrict all maritime traffic to and from Iranian ports, could potentially eliminate up to 12 million barrels of oil per day from global markets, transforming a regional conflict into a worldwide supply crisis. Jorge Montepeque, Managing Director at Onyx Capital Group, expressed that current prices do not reflect the true risk, suggesting that prices should be much higher, around $140 to $150 per barrel. The US Central Command stated that the blockade would apply to vessels of all nations, although transit through the Strait of Hormuz to non-Iranian ports would remain unaffected. Analysts believe that the threat of enforcement has already begun to re-price risk in the oil market, indicating how sensitive oil prices are to geopolitical developments. With the Strait of Hormuz remaining effectively closed, the situation has already led to sharp increases in oil and gas prices, raising inflation concerns globally. If the US scales back its enforcement, oil prices might stabilize around $100 for the rest of the year, but a prolonged blockade could push prices into unknown territory.