New Delhi, April 13 -- Oil prices rose sharply on Monday morning after United States President Donald Trump announced a naval blockade of the Strait of Hormuz.

Brent Crude prices jumped by 6.81 per cent to reach USD 101.68 per barrel. Similarly, West Texas Intermediate (WTI) crude oil rose by 7.97 per cent, trading at USD 104.26.

In a statement released on Truth Social, President Trump confirmed that the United States Navy would begin intercepting vessels in the region immediately to prevent Iran from profiting from the passage.

"Effective immediately, the 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 stated.

The President ind...