
Gasoline futures jumped more than 4% above $3.10 per gallon on Monday, recouping losses from last week, after the US revealed plans to block the Strait of Hormuz amid stalled negotiations with Tehran. The US Central Command said it will begin enforcing a maritime blockade on all vessels entering and leaving Iranian ports from April 13. The measure will cover ships of all nations accessing ports in the Arabian Gulf and Gulf of Oman, while transit through the Strait to non-Iranian destinations will remain unaffected. At the same time, reports suggest that Donald Trump is weighing renewed airstrikes on Iran after previously agreeing to a two-week ceasefire. These developments have revived concerns that the conflict could drag on longer than expected, increasing the risk of deeper global supply disruptions and adding fresh volatility to energy markets.
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