-- Oil prices pushed back above $100 a barrel on Monday as the US prepared for a blockade of the Strait of Hormuz after peace talks ended in stalemate, renewing concerns about supply disruptions in the Middle East.
West Texas Intermediate crude rose 7.27% to $103.59 a barrel, while Brent crude gained $6.67 to $101.87 per barrel.
The advance followed the collapse of weekend negotiations between Washington and Tehran, which had been expected to build on a recent ceasefire and potentially ease restrictions on Iranian oil exports.
"Effective immediately, the United States Navy, the Finest in the World, will begin the process of BLOCKADING any and all Ships trying to enter, or leave, the Strait of Hormuz," Trump said in a Truth Social post.
US Central Command, or CENTCOM, forces will begin implementing a blockade of all maritime traffic entering and exiting Iranian ports on April 13 at 10 a.m. ET, in accordance with the President's proclamation.