Oil prices have reportedly surged in early market trading following the United States’ announcement that it would blockade Iranian ports.

The US military has confirmed it will stop all maritime traffic entering and leaving Iranian ports, starting at 10am ET (2pm GMT) today, The Caspian Post reports, citing foreign media.

US crude oil prices rose eight per cent to $104.24 a barrel in early trading, while Brent crude, the international benchmark, climbed seven per cent to $102.29.

According to The Mirror, Brent crude has fluctuated wildly throughout the Iran conflict, jumping from around $70 per barrel prior to the war in late February to as high as $119 at various points. On Friday (April 10) ahead of the peace talks, Brent for June delivery dropped 0.8% to $95.20 per barrel.

Trump has stated his order is a direct response to Iran "knowingly failing" to reopen the Strait of Hormuz, while warning that the US Navy will "blow to hell" any Iranians who attack them, and will intercept any vessel found paying transit tolls to Iran.

Mohammad Bagher Ghalibaf, the Iranian parliamentary speaker who spearheaded negotiations in Islamabad, has ridiculed Donald Trump in an X post referencing US plans to blockade the Strait of Hormuz.