US to Blockade Iranian Ports Monday After Talks Collapse

US military will blockade all Iranian ports on Monday at 1400 GMT after Pakistan-mediated talks collapsed. Trump administration blamed Iran's refusal to abandon nuclear ambitions for the breakdown in negotiations that had aimed to end the war that has killed thousands and disrupted global markets since February.

Oil prices jumped 8% Monday with both WTI and Brent contracts topping $100 per barrel after the temporary ceasefire last week raised hopes of a resolution. The US said the blockade would be enforced impartially against vessels of all nations entering or departing Iranian ports on the Arabian Gulf and Gulf of Oman, though vessels to non-Iranian ports would not be impeded.

Iran's Revolutionary Guards warned they had full control of traffic through Hormuz and would trap any challenger "in a deadly vortex." Tehran's delegation leader Mohammad Bagher Ghalibaf vowed Iran "would not bow to any threats" from Washington, while Iran blamed "maximalism, shifting goalposts, and blockade" for preventing an agreement they claimed were "just inches away from."

With global oil prices surging, how will this affect fuel costs and inflation in Nigeria's import-dependent economy?

SOURCE: https://www.channelstv.com/2026/04/13/us-military-to-begin-blockade-of-iranian-ports-on-monday/