Oil jumps 8% to above $100 ahead of US blockade on Strait of Hormuz

Oil prices jumped above $100 a barrel on Monday as the U.S. Navy prepared a blockade of the Strait of Hormuz that could restrict Iranian oil shipments after the U.S. and Iran failed to reach a deal to end the war. Brent crude futures rose $7.60, or 7.98%, to $102.80 a barrel by 2310 GMT after settling 0.75% lower on Friday. U.S. West Texas Intermediate was at $104.88 a barrel, up $8.31, or 8.61%, following a 1.33% loss ‌in the previous ⁠session. "The market ⁠is now largely back to conditions bef...