Oil tops 100 dollars as US blockades Iranian shipping
Brent crude rose to 102 dollars after the collapse of peace talks led to a U.S. blockade on Iran. Global markets retreated while the dollar gained ground.
Global energy markets experienced a sharp escalation on Monday as Brent Crude Oil prices surged 7% to reach $102 per barrel. This surge followed an announcement that the United States would move to blockade shipping from Iran after the collapse of weekend peace negotiations. The move has placed a fragile ceasefire at risk and created significant uncertainty regarding energy exports from the Middle East.
Financial markets reacted with caution, as global stocks and bonds declined while the safe-haven dollar strengthened. In Europe, the STOXX 600 index fell 0.7%, and benchmark 10-year bond yields in Germany rose to 3.07%. U.S. markets also saw pressure, with S&P 500 and Nasdaq futures both slipping 0.6% as benchmark 10-year Treasury yields climbed to 4.33%.
