International oil prices soared by more than 9% as U.S. President Donald Trump announced that he would resume the maritime blockade on Iranian ships. On the 13th (local time), Brent crude oil futures soared 9.6% from the previous trading day to $83.30 per barrel, and U.S. West Texas Intermediate (WTI) futures rose 9.4% to $78.14. Oil prices rose immediately after President Trump announced that the U.S. would reimpose a maritime blockade against Iran. It soared. President Trump said on his social media, “We are resuming the ‘Iranian Blockade,’ which blocks only Iranian ships and Iranian customers from entering,” and “All other countries will be able to use the Strait of Hormuz fairly and freely.” He went on to claim that the United States will guarantee the safety of navigation in the Strait of Hormuz, but in return, it must be compensated for costs equivalent to 20% of all cargo shipments. This measure was adopted by the United States and Iran over the weekend. It came amid renewed airstrikes over control of the Strait of Hormuz. The U.S. Central Command (CENTCOM) said that Iran