Oil jumps above $100 after US-Iran talks end without a deal

Energy markets surged on Monday as oil prices surpassed $100 per barrel, driven by renewed tensions between the U.S. and Iran. The talks that concluded over the weekend failed to produce a new agreement, prompting concerns about escalating supply disruptions. Donald Trump’s announcement of a potential blockade on Iranian ports further intensified market reactions.

Global benchmark Brent crude climbed 8.5% to $102.37, while West Texas Intermediate rose 9% to $105.34. These gains reflect fears that the ongoing energy crisis could worsen without a resolution. The previous agreement between Washington and Tehran had temporarily stabilized prices, but its collapse has reignited worries about the Strait of Hormuz, a vital chokepoint for global energy flows.

After the conflict began on February 28, shipments through the strait have been nearly halted. However, some nations, including India and Malaysia, managed to secure safe passage for their vessels. Trump declared on Sunday that the U.S. would block all ships attempting to enter or leave the strait, a move that has now been formalized by U.S. Central Command.

Centcom confirmed the blockade will commence at 10:00 ET on Monday, targeting vessels of all nations accessing Iranian ports and coastal areas. The measure, described as impartial, will not disrupt ships heading to non-Iranian ports. Iranian parliamentary speaker Mohammad Bagher Ghalibaf emphasized the country’s resolve, stating, “we will not submit to any threat,” according to local media reports.

“Any military vessels approaching the strait will be seen as breaching the ceasefire and will face severe consequences,” said the IRGC Naval Forces. The group highlighted the strategic importance of the waterway, which carries a fifth of the world’s energy shipments.