Following the collapse of negotiations between the United States and Iran and U.S. President Donald Trump’s announcement of a blockade of Iranian ports, oil prices surged sharply, while stock markets declined.

On the morning of April 13, the price of North Sea Brent crude rose by 8% to reach $102.80 per barrel. Before the start of U.S.-Iran talks on April 11, it stood at $95.20. A similar increase was recorded for U.S. WTI crude, which also surpassed the $100 threshold, Deutsche Welle reports.

At the same time, stock markets saw declines: major indices in Tokyo, Hong Kong, and Seoul dropped by at least 1%. Other Asian exchanges also recorded downturns in key indicators.

Trump acknowledged that oil and gasoline prices could remain elevated until the U.S. midterm elections scheduled for November.

On April 12, Donald Trump announced a blockade of Iran’s maritime ports following the failed round of negotiations in Islamabad. The move aims to prevent Tehran from collecting fees from shipping companies passing through the Strait of Hormuz and to cut off Iran’s oil revenues.

Subsequently, the U.S. Central Command (CENTCOM) stated that starting April 13 at 10:00 a.m. Eastern Time (17:00 Moscow time), it began monitoring all vessels entering and leaving Iranian ports and coastal areas.

The blockade applies to ships of all countries and covers all Iranian ports in the Persian Gulf and the Gulf of Oman. At the same time, CENTCOM emphasized that it does not restrict freedom of navigation in the Strait of Hormuz or in non-Iranian ports.

The April 11 talks in Islamabad collapsed due to disagreements over nuclear weapons and the Strait of Hormuz. Iran insisted on maintaining control over the strait and collecting fees from passing vessels, rejecting U.S. proposals for joint control, according to the Financial Times.