-- Brent oil futures jumped about 7% on Monday following Trump's order of blocking Iranian cargoes in the Strait of Hormuz, heightening fears of a prolonged global supply disruption.
The Brent futures contract gained about 6.7% to $101.58 per barrel. This follows a volatile last week where prices briefly dipped below $95.
Murban closed at $98.16 on April 10 and was not trading as of the time of publishing this oil price update.
"This morning the Brent June contract is up 7.4% again to $102.2/b as the negotiations this weekend yielded no results while the US also has announced a blockade of the Strait of Hormuz. Now clarified to affect only Iranian cargoes," SEB analysts noted.
The primary driver for the price surge is the total collapse of high-level negotiations in Islamabad, Pakistan.
After 21 hours of marathon talks between Vice President JD Vance and Iranian officials, the sides failed to reach a deal regarding Iran's nuclear program and regional conflicts.
In response, President Donald Trump announced a significant escalation via social media.
The US Navy has been instructed to interdict any ships attempting to enter or leave the Strait of Hormuz that are carrying Iranian cargoes, according to Trump's Truth Social post.
US forces will begin destroying naval mines allegedly laid by Iran in the shipping lanes, it added.
It also includes seeking out vessels in international waters that have paid transit "tolls" to Iran, which the US has labeled illegal.
President Trump acknowledged the domestic impact on Sunday, noting that gasoline and oil prices are likely to remain elevated through the November midterm elections.
Meanwhile, Iranian officials have reportedly warned that they maintain full control of the waterway.