Oil prices rose back above $100 a barrel as energy markets reopened in Asia on Monday after talks between the US and Iran ended without a new deal and President Donald Trump said he would blockade Iranian ports, the BBC reports.
Global benchmark Brent crude was up by 7.3% at $102.30, while West Texas Intermediate was 8.7% higher at $104.94.
The failure of negotiations at the weekend has raised concerns that the global energy crisis will deepen.
The price of oil plunged well below $100 last Wednesday after Washington and Tehran agreed to a conditional two-week ceasefire deal that includes the opening of the key Strait of Hormuz trade waterway.
The strait, through which a fifth of the world’s energy shipments pass, has become a key flashpoint of the Iran war after Tehran retaliated against the US-Israeli strikes by threatening to attack vessels that try to use it.
Shipments have largely been at a standstill since the conflict started on 28 February, though some countries like India and Malaysia have negotiated safe passage for their vessels.
