Crude oil prices jumped on Monday after the US-Iran peace talks failed to reach a deal over the weekend, and the US moved to blockade the Strait of Hormuz, escalating a global energy crisis.
Global benchmark Brent crude oil price surged 8.36% to $103.16 a barrel, while the US West Texas Intermediate (WTI) crude futures rallied 8.22% to $104.57 per barrel.
Meanwhile, European gas futures also spiked almost 18% at one point.
US forces will begin implementing the blockade, which applies only to vessels entering or departing Iranian ports, from 10 a.m. New York time Monday, the US Central Command said.
