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Oil prices climbed sharply in early Asian trading on Monday, with Brent crude jumping 8% to $102.93 per barrel after President Donald Trump announced that the U.S. Navy would begin blockading the Strait of Hormuz. The move followed the collapse of weekend ceasefire negotiations between Washington and Tehran, sending energy markets into a frenzy.
According to U.S. Central Command, the military will enforce a full blockade on all maritime traffic entering and leaving Iranian ports starting at 10:00 ET on Monday. The order came directly from Trump after diplomatic efforts in Pakistan ended without a breakthrough.
Vice President JD Vance led the American delegation through more than 21 hours of talks before departing Pakistan early Sunday with no deal in place. Key sticking points included Iran's nuclear program, the status of the Strait of Hormuz, and Tehran's continued backing of proxy forces such as Lebanon's Hezbollah.
The geopolitical fallout is already rippling through global energy markets. Iran had effectively restricted passage through Hormuz since hostilities first escalated in late February, a chokepoint responsible for roughly 20% of the world's oil supply. A full U.S.-enforced blockade now threatens to extend those disruptions indefinitely.
Iran responded by stating it has no intention of returning to the negotiating table with the United States. However, the Wall Street Journal reported that several Middle Eastern governments are actively working behind the scenes to facilitate a new round of ceasefire talks between the two nations in the coming days.
With no resolution in sight, analysts warn that sustained supply constraints could push oil prices even higher in the near term. Traders and investors are closely watching diplomatic developments as the conflict between the U.S. and Iran continues to reshape the global energy landscape.
