Oil Surpasses $100

Oil prices surged above $100 on Monday as the U.S. moved to impose a blockade on Iranian shipping, a move that could curtail Iranian oil exports after Washington and Tehran failed to reach an agreement to end the trade war.

Brent crude futures LCOc1 were up 7.3% at $102 a barrel – a gain of more than 40% since the war shut navigation of the Strait of Hormuz.