Oil prices top $100 as U.S. prepares Hormuz blockade

Oil prices surged more than 8% on Monday as the United States Navy prepared a blockade of the Strait of Hormuz, a move that could significantly curtail global energy supplies following the collapse of peace talks with Iran. The escalation effectively ends a brief two-week ceasefire and places renewed pressure on an already tight market.

Brent Crude Oil futures jumped $7.60, or 7.98%, to reach $102.80 a barrel. Similarly, West Texas Oil rose by $8.31, or 8.61%, to settle at $104.88 a barrel. Market analysts also noted that the price of WT GASOLINE could remain elevated as geopolitical tensions rise ahead of the U.S. midterm elections.