Brent futures declined by $1.86, or 1.87%, to $97.50, while U.S. West Texas Intermediate (WTI) crude fell $2.25, or 2.27%, to $96.83.

Oil prices are rising in early market trading after the U.S. said it would blockade Iranian ports beginning Monday. The price of U.S. crude oil rose 8% to $104.24 a barrel and Brent crude oil,

The Reuters Iran Briefing newsletter keeps you informed with the latest developments and analysis of the Iran war. The blockade, experts say, is an act ​of war that requires an open-ended commitment of a significant ​number of warships.

Oil market experts have warned that the breakdown of peace talks between the US and Iran and Donald Trump’s plan for a naval blockade of the Strait of Hormuz would push up oil prices and worsen the global energy crisis.

President Trump threatened to destroy Iranian ships that impede a US blockade on the Strait of Hormuz. Trump announced a U.S. naval blockade of the Strait of Hormuz after nearly 20 hours of peace talks in Islamabad collapsed over Iran's refusal to abandon its nuclear program.

U.S. stocks rallied and recovered the last of their losses caused so far by the U.S.-Iran war, as hope remains on Wall Street that the global economy can still avoid a worst-case scenario

Oil prices jumped back above $100 a barrel as the ​U.S. Navy prepared to block ships to and from Iran via the Strait of Hormuz.

Oil prices plunged and equities rallied on reports that the Iranian president has signaled potential willingness to negotiate an end to the war in the Middle East.