Hormuz blockade could deepen worlds worst energy crisis — and risk a dangerous misstep

President Donald Trump ordered a naval blockade of the Strait of Hormuz on Sunday, dimming hopes for a quick end to the conflict in the Middle East and escalating a standoff with Iran that has already triggered the worst energy shock in history.

The blockade would take effect at 10 a.m. ET Monday, targeting vessels of all nations entering or departing Iranian ports and coastal areas, including those on the Arabian Gulf and Gulf of Oman, the U.S. Central Command said in a statement.

Tanker traffic through the strait, which had begun to inch higher after a two-week ceasefire announced by Trump last week, came to a halt again within hours of Trump's announcement, according to Lloyd's List Intelligence. At least two vessels that had appeared to be heading for the exit turned back.

Crude oil surged as investors scrambled to price in a further squeeze on Persian Gulf supply. for May delivery jumped more than 8% to $104.40 a barrel, while rose over 7% to $101.86.

Trump's order came after 21 hours of weekend negotiations between Washington and Tehran collapsed without an agreement on Iran's nuclear program, control of the waterway, and Israel's continued attacks against the Iranian-backed Hezbollah in Lebanon.