US oil tops $100 as Iran talks collapse
US Oil jumps
Oil prices surged on Monday, with the US benchmark climbing above $100 per barrel after failed talks between the United States and Iran and a new blockade order by Donald Trump.
West Texas Intermediate rose about 8 percent to around $104.50, while Brent crude gained roughly 7 percent to exceed $102, reflecting renewed fears over global supply disruptions.
The jump followed the collapse of negotiations in Pakistan, where US officials led by Vice President JD Vance failed to reach an agreement with Iranian representatives.
Trump subsequently ordered a blockade affecting vessels linked to Iranian ports in the Strait of Hormuz, a critical passage for about one-fifth of the world’s oil and gas.
Asian stock markets reacted negatively, with South Korea’s Kospi dropping before trimming losses, while Japan’s Nikkei 225 edged lower.
Markets have remained volatile since the conflict began in late February, with disruptions in the Strait of Hormuz continuing to drive sharp swings in oil prices and investor sentiment.
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