Oil Surges Above $100 on US Iran Blockade Plan

Oil prices surged above $100 a barrel on Monday as the United States prepared to enforce a naval blockade of Iranian ports following the collapse of weekend peace talks between Washington and Tehran in Islamabad, Pakistan.

The marathon negotiations, which lasted 21 hours and involved top U.S. and Iranian officials, ended without a breakthrough on Sunday. U.S. President Donald Trump announced the blockade late that day, stating it would begin at 10 a.m. EDT, or 5:30 p.m. local time in Iran. The U.S. Central Command clarified that the measure would target all vessels entering or leaving Iranian ports on the Arabian Gulf and Gulf of Oman, including those paying tolls to Iran for passage through the Strait of Hormuz. American forces would not interfere with ships transiting the strait to non-Iranian ports, preserving freedom of navigation for most global traffic.

The decision came after Iran refused to fully reopen the strait, which it has largely stalled since the war began in late February. A two-week ceasefire announced last Wednesday had briefly eased tensions, allowing limited ship movements and pushing oil prices below the $100 threshold. However, only about 40 commercial...