Oil prices climbed back above $100 on a barrel on Monday as markets reacted to the breakdown in US-Iran negotiations and renewed geopolitical tensions, with Brent crude rising 7.3% to $102.30 and West Texas Intermediate jumping 8.7% to $104.94.
The failed talks and US plans to blockade Iranian ports have heightened fears of prolonged disruption through the Strait of Hormuz—a critical route handling around 20% of global energy shipments—where traffic has already been severely restricted since the conflict began.
While some countries have secured limited passage, uncertainty over enforcement of the blockade and the risk of further escalation have driven volatility in both energy and financial markets, with Asian stocks slipping and global investors bracing for sustained high oil prices amid fragile ceasefire conditions and ongoing military threats.
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