Oil Prices Soar Above $100 as US Blocks Strait of Hormuz

Oil prices surged to over $100 a barrel on Monday, gaining 7.4% as the US Navy prepared to block ships entering and exiting Iran via the Strait of Hormuz.

The move comes after talks between Washington and Tehran failed to yield an agreement to end the war, jeopardizing a fragile two-week ceasefire.

US President Donald Trump said on Sunday that the US Navy would start blockading the strait, which could restrict Iranian oil exports and exacerbate supply disruptions in the market.

Brent crude futures gained $7.03 to $102.23 a barrel, while U.S. West Texas Intermediate was up $7.31 at $103.88 a barrel.