"Oil prices jumped back above $100 a barrel after weekend talks between the US and Iran ended without an agreement and Donald Trump imposed a blockade of the strait of Hormuz. Brent crude rose by nearly 7% to $101.74 a barrel on Monday morning, while US crude is up more than 8% to $104.69 a barrel."
"The US president announced the blockade on Sunday, targeting Iranian vessels and ships that have paid a toll to Iran for passage through the strait, in an attempt to choke off the flow of Iranian oil."
"Most Asian stock markets fell on Monday, with Japan's Nikkei down 0.7% and Hong Kong's Hang Seng index losing 1%, while Chinese stocks rose slightly. European stocks also fell, led by airlines including Lufthansa, Wizz Air, easyJet and British Airways parent IAG."
Oil prices increased significantly, with Brent crude rising to $101.74 a barrel and US crude to $104.69. This surge followed the US's blockade of the strait of Hormuz, targeting Iranian vessels. The blockade aims to restrict Iranian oil flow, leading to a sharp rise in energy prices. Most Asian and European stock markets fell, with notable declines in airline stocks. Analysts predict oil prices will remain high in the second quarter before potentially easing later in the year.
Read at www.theguardian.com
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