Top story for the morning: the U.S. has declared a blockade of the Strait of Hormuz, oil prices have risen sharply

The US is imposing a blockade on Iranian ports after the breakdown of negotiations with Tehran, which pushed oil above $100 per barrel amid the biggest supply disruption. These and other topics are in our review of key events for the morning of April 13.

US President Donald Trump announced the start of a blockade of the Strait of Hormuz after the failure of talks with Iran in Pakistan, CNBC reports. According to the U.S. Central Command, the restrictions will come into effect on Monday, April 13, and will apply to ships bound for Iranian ports. At the same time, the U.S. military will not interfere with the passage of ships traveling through the Strait of Hormuz to non-Iranian ports and back.

The decision increases risks for the global economy and the oil market, with about a fifth of the world's oil supplies passing through the strait. Amid the impasse in negotiations with Tehran, Washington is also considering the possibility of resuming strikes on Iran's infrastructure, the TV channel points out.

Oil prices rose by 7-8% after the US decision to impose a blockade on Iranian ports: WTI rose to $104.7 per barrel, Brent - to $102, writes CNBC.

The growth intensified amid the disruption of talks between the US and Iran in Islamabad: Washington is considering new strikes against Iran, the TV channel notes. Tanker traffic through the Strait of Hormuz has already dropped sharply since late February due to shipowners' concerns about possible attacks from Iran, which led to the largest disruption of oil supplies in history.

Chinese AI board maker Victory Giant has started collecting orders for an IPO in Hong Kong of up to $2.2 billion with the possibility of raising nearly $3 billion, Bloomberg writes, noting that it could be one of the largest initial public offerings in Hong Kong this year. The company is offering shares at a discount of about 37% to the price in Shenzhen, despite the stock price more than quadrupling in a year amid the AI boom.

Demand for the offering is backed by large investors, but the deal comes amid market volatility due to the war with Iran and increased regulation in Hong Kong, the agency said. Victory Giant, an Nvidia partner, makes printed circuit boards for AI servers and remains a major beneficiary of the industry's growth.

The war in Iran has caused pistachio prices to jump to their highest since 2018 at around $4.57 per pound, Bloomberg reports. The conflict has exacerbated an already tight supply: exports, logistics and supplies from the country, which accounts for about a fifth of global production, have suffered.

The price rise is being amplified by a surge in demand, including after the popularity of pistachio products on social media and range extensions at major brands, the agency said.

- Japan's broad Topix index was down 0.6 percent on April 13, while the Nikkei 225 was down 0.8 percent.

- Hong Kong's Hang Seng Index fell 1.2 percent, while mainland China's CSI 300 index was little changed.

- In South Korea, the Kospi index fell 1.3%, while the Kosdaq added 0.7%.

- Australia's S&P/ASX 200 was down 0.5 percent.

- Futures on S&P 500 were falling by 0.7%, futures on Nasdaq Composite - by 0.8%. Exchange contracts on the Dow Jones Industrial Average were down 0.7%.

This article was AI-translated and verified by a human editor