DILI, 13 April 2026 (TATOLI) – The price of crude oil has risen above $100 per barrel as the ongoing US-Iran conflict disrupts shipping and production in the Middle East.
Oil prices rose amid US plans to blockade the Strait of Hormuz, which could restrict Iranian oil shipments, after US-Iran talks failed to reach a deal in Islamabad on April 12.
The Business Times reported that the Brent futures hit $102.80 a barrel, up $7.60, or 7.98%, by 2310 GMT after settling 0.75 per cent lower on Friday. Meanwhile, US benchmark West Texas Intermediate advanced to $104.88 a barrel, gaining $8.31, or 8.61%, after slipping 1.33% a day earlier.
Last week, fuel prices fell while stocks surged after Donald Trump agreed to a two-week ceasefire with Iran mediated by Pakistan.
Despite the positive developments, the Strait of Hormuz remained closed after Iran halted traffic in response to Israeli strikes on Lebanon that killed and injured hundreds of civilians, with Tehran insisting Lebanon was part of the provisional two-week ceasefire.
On Sunday, Trump announced that the US Navy planned to impose a blockade on the Strait of Hormuz, with US Central Command saying forces would begin restricting all maritime traffic to and from Iranian ports.
“United States Navy, the Finest in the World, will begin the process of BLOCKADING any and all Ships trying to enter, or leave, the Strait of Hormuz,” Trump posed on his social media, TruthSocial.
Trump said that he had also instructed US Navy to seek and interdict every vessel in International Waters that has paid a toll to Iran.
In Timor-Leste, retail fuel prices currently vary by supplier, with ETO pricing gasoline at $1.35 per litre and diesel at $1.48, while Pertamina International sells gasoline at $1.50 and diesel at $1.65 respectively.
TATOLI
