Oil Prices Surge Above $100: U.S. Navy Blockades Iran Ports

Crude oil prices soar above $100 a barrel as the U.S. Navy prepares to blockade Iran's ports. U.S. crude futures for May delivery jump nearly 8% to $104.20 per barrel. International benchmark Brent for June rises 7% to $101.86. This comes after peace talks between the U.S. and Iran collapse over the weekend. Starting Monday at 10 a.m. ET, the Navy will block all maritime traffic in and out of Iranian ports. President Trump warns that the blockade will apply to vessels from all nations. He threatens limited strikes on Iran if negotiations don't improve. Tanker traffic through the vital Strait of Hormuz has dropped significantly, causing the largest oil supply disruption in history. Before the conflict, over 100 vessels traveled the strait daily. Now, only three supertankers made the journey on Saturday, each carrying up to two million barrels of oil. As tensions rise, the stakes are high for global energy markets and fuel prices. This situation affects consumers everywhere, as oil prices impact everything from gas at the pump to heating bills.