International crude oil futures prices rose sharply at the start of the new week's trading on the evening of the 1st. As of 18:45 Eastern Time on the 1st, the price of light crude oil futures for April delivery on the New York Mercantile Exchange surged to a high of $75.33 per barrel, an increase of 12.4% from the previous trading day's closing price; the price of Brent crude oil futures for May delivery on the London Intercontinental Exchange hit a high of $82.37 per barrel, jumping 13% from the prior close.

Due to the blockage of the Strait of Hormuz, numerous oil tanker owners and traders have suspended the transportation of crude oil, fuels and liquefied natural gas through this waterway. Linking the Persian Gulf and the Gulf of Oman, the Strait of Hormuz handles approximately one-fifth of the world's total oil shipments.