Oil prices surge above $100 as US Navy to blockade Iran’s ports after peace talks fail

The Hill reports that oil prices surged above $100 per barrel following President Trump's announcement that the U.S. Navy would blockade Iranian ports in the Strait of Hormuz after weekend peace negotiations failed. West Texas Intermediate crude was trading just above $104 per barrel, with Brent crude also rising significantly. The article is sourced from a major national outlet with a named byline and includes specific price data and Trump's military directive, meeting standard journalistic practices for financial reporting. Independent corroboration from CNBC, BBC, NBC News, The Guardian, and The New York Times confirms both the oil price movement and Trump's blockade announcement, with additional context that the negotiations' collapse has triggered broader concerns about a prolonged global energy crisis and stranded tankers in the Gulf. Watch for further market volatility as trading continues and for clarification on the scope and duration of the blockade, as well as any Iranian response or international diplomatic developments.