The price of global crude oil has risen to more than $87 per barrel, back to levels unseen since June. These surges come in the wake of the announcement of a new blockade, which will be imposed on Iranian oil tankers this Wendesday at 4pm ET., 12:30 a.m. in Tehran. ING commodities analysts wrote "The Memorandum of Understanding is starting to look well and truly dead." Further price hikes are expected as fighting intensifies.