Brent futures declined by $1.86, or 1.87%, to $97.50, while U.S. West Texas Intermediate (WTI) crude fell $2.25, or 2.27%, to $96.83.

Oil prices jumped above $100 a barrel as energy markets reopened on Monday in Asia after talks between the US and Iran ended without a new deal and Donald Trump said he would blockade Iranian ports. Global benchmark Brent crude is up by 8.

Oil prices are rising in early market trading after the U.S. said it would blockade Iranian ports beginning Monday. The price of U.S. crude oil rose 8% to $104.24 a barrel and Brent crude oil,

The Reuters Iran Briefing newsletter keeps you informed with the latest developments and analysis of the Iran war. The blockade, experts say, is an act ​of war that requires an open-ended commitment of a significant ​number of warships.

Oil prices surged by more than 7% back above $100 a barrel on Monday after US President Donald Trump ordered the blockading of Iranian ports following the failure of peace talks between Washington and Tehran.

U.S. stocks rallied and recovered the last of their losses caused so far by the U.S.-Iran war, as hope remains on Wall Street that the global economy can still avoid a worst-case scenario

Oil market experts have warned that the breakdown of peace talks between the US and Iran and Donald Trump’s plan for a naval blockade of the Strait of Hormuz would push up oil prices and worsen the global energy crisis.

U.S.-Iran peace talks in Islamabad collapsed with no deal. The Strait of Hormuz stays closed. Here is what analysts say happens to oil prices now