Oil back above $100 as US to blockade Iranian ports after peace talks fail

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. Global benchmark Brent crude was up by 7.3% at $102.30 (£76.32), while West Texas Intermediate was 8.7% higher at $104.94. The failure of...

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.

Global benchmark Brent crude was up by 7.3% at $102.30 (£76.32), 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.