Oil Surpasses 100 Dollars Amid US Blockade of Iran
Oil prices rose above 100 dollars on Monday as the U.S. moved to blockade Iranian ports. Wall Street indexes traded lower as investors weighed supply risks.
Global financial markets reacted with volatility as the United States initiated a blockade against ships departing from Iran following the collapse of weekend peace talks. This geopolitical escalation sent energy prices soaring and weighed on major equity indices as investors weighed the potential for prolonged disruption to Middle East energy exports.
In the energy sector, Brent Crude Oil futures jumped 5.14% to settle at $100.07 per barrel. Traders are closely monitoring the Strait of Hormuz after the American administration confirmed the start of the blockade, while U.S. crude similarly rose nearly 5% to reach $101.39 per barrel.
