Oil Prices Surge Past $100 as Trump Threatens to Blockade the Strait of Hormuz

Oil prices surged back above $100 a barrel in early Asian trade following the collapse of U.S.-Iran negotiations and Trump's announcement that the U.S. would blockade the Strait of Hormuz. At the time of writing, West Texas Intermediate was trading at $105.30 per barrel, up 9.04%, while Brent had risen 8.55% to trade at $103.30. Both benchmarks remain roughly $10 below last week's peaks before the ceasefire was announced and prices tumbled. While the failure of negotiations in Pakistan over the...