Oil prices surged above $100 a barrel when markets reopened on Sunday following the breakdown of US-Iran talks and plans by Donald Trump to blockade the Strait of Hormuz.
Brent crude, the international benchmark, opened up 8 per cent at $102.60, while West Texas Intermediate jumped by the same amount to $103.99, as oil traders warned a prolonged conflict would worsen fuel shortages.
Trump’s announcement of a naval blockade of the strait from Monday is intended to pressure the Iran regime, which has continued shipping oil to key markets such as China during the conflict. But analysts warned a blockade could escalate the conflict.
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