By Blessing Nweke
Oil prices surged above $100 a barrel on Monday as Asian markets reopened amid escalating tensions following the collapse of US-Iran negotiations and a new blockade warning from former US President Donald Trump.
Global benchmark Brent crude jumped 8.5% to $102.37, while West Texas Intermediate rose 9% to $105.34, reflecting growing fears of a prolonged disruption to global energy supplies.
The weekend talks between Washington and Tehran ended without a new agreement, raising concerns that the fragile ceasefire reached earlier this month may unravel. Last week, oil prices had briefly fallen below $100 after both sides agreed to a conditional two-week truce, which included reopening the vital Strait of Hormuz.
The strait, a crucial maritime route carrying roughly one-fifth of the world’s energy shipments, has become a focal point in the ongoing conflict. Iran had previously threatened to target vessels in response to US-Israeli strikes, effectively halting most shipping activity since late February.
Although some countries, including India and Malaysia, managed to negotiate safe passage for limited shipments, the broader disruption has driven global energy prices sharply higher.
In a statement posted on Sunday, Trump said the US would begin “blockading any and all ships” attempting to enter or leave the Strait of Hormuz. US Central Command later confirmed that enforcement would begin Monday morning, targeting vessels linked to Iranian ports while allowing transit to non-Iranian destinations.
Iran responded defiantly, with parliamentary speaker Mohammad Bagher Ghalibaf insisting the country would not yield to threats. Meanwhile, Iran’s Revolutionary Guard warned that any foreign military presence near the strait would face severe consequences, further heightening tensions.
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