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Oil prices jumped back above $100 a barrel on Monday as the U.S. Navy prepared to block ships to and from Iran via the Strait of Hormuz after Washington and Tehran failed to reach a deal to end the war. Brent crude futures rose $6.81, or 7.2%, to $102.01 a barrel, while U.S. West Texas Intermediate gained $7.50, or 7.8%, to $104.07.
President Donald Trump said the U.S. Navy would start blockading the strait, raising the stakes after marathon talks with Iran failed to produce an agreement and jeopardising a fragile two-week ceasefire. U.S. Central Command said the blockade would begin at 10 a.m. ET and apply to maritime traffic entering and exiting Iranian ports.
Iran’s Revolutionary Guards said any military vessels approaching the Strait of Hormuz would be treated as a ceasefire breach and dealt with harshly. Shipping data showed tankers were steering clear of the strait, even as three fully laden supertankers passed through on Saturday, suggesting some crude had still managed to move out of the Gulf.
The move adds to already elevated physical market prices, with some crude grades trading at significant premiums to futures. Analysts said the blockade threat could force a sharper convergence between paper and physical markets if it is actually enforced.
