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Oil up over 7% to above $100 ahead of US blockade on Iran

SINGAPORE, April 13 (Reuters) – Oil prices climbed above $100 a barrel on Monday as the U.S. Navy prepared to block ships to and ‌fromIran via the Strait of Hormuz, a move that could restrict Iranian oil exports, after Washington and Tehran failed to reach a deal to end the war. Brent crude futures rose $6.96, or 7.3%, to $102.16 a barrel by 0430 GMT after settling 0.75% lower on Friday. U.S. West Texas Intermediate was up $8.12, or 8.4%, at $104.69 a barrel ​following a 1.33% loss in the previous session. “The market is now largely back to conditions

Iran war’s global energy crisis sharpens China’s advantage in clean tech

HONG KONG, April 13, 2026 (AP) — China is poised to benefit from the Iran war as global energy disruptions accelerate a shift away from fossil fuels and toward clean technologies and renewable power, industries that China dominates. Most of the oil and gas from the now mostly shut Strait of Hormuz was Asia-bound. Asian nations are scrambling to conserve energy and bolster dwindling reserves. As a temporary ceasefire teeters, gasoline prices in the U.S. and Europe are spiking. While most of Asia is hit hard, China will likely benefit from the fossil fuel disruptions despite being the biggest purchaser

US to blockade Iran ports after talks fail to yield a deal

WASHINGTON/SINGAPORE, April 13 (Reuters) – The U.S. military said it will begin a ​blockade of all maritime traffic entering and exiting Iranian ports and coastal areas on Monday, after weekend talks failed to reach a deal to end the war with Iran, jeopardizing ‌a fragile two-week ceasefire. The talks in Islamabad, which ran from Saturday into early Sunday, were the first direct U.S.-Iranian meeting in more than a decade and the highest-level discussions since Iran’s 1979 Islamic Revolution. The negotiations came days after a ceasefire began on Tuesday, aimed at ending six weeks of fighting that has killed thousands of

Rupee plunges 49 paise to 93.32 against US dollar in early trade

Mumbai,Apr 13 (PTI) The rupee depreciated 49 paise to 93.32 against the US dollar in early trade on Monday, weighed down by higher crude oil prices and a firm American currency amid a volatile geopolitical situation. Renewed tension in West Asia and uncertainties on the opening of the Strait of Hormuz following inconclusive Iran-US peace talks triggered a surge in crude oil prices, while investors rushed to withdraw funds from domestic equities, putting further pressure on the Indian currency, forex traders said. At the interbank foreign exchange market, the rupee opened at 93.30 against the US dollar and lost further

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