Oil prices hover near $100 as U.S. Navy blockades Iran's ports after peace talks fail
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President Donald Trump said he ordered the U.S. Navy to find and interdict any ship in international waters that has paid a toll to Iran to transit the strait.
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In this article @CL.1 @LCO.1 Follow your favorite stocks CREATE FREE ACCOUNT watch now VIDEO 3:49 03:49 Market is pricing in another round of U.S.-Iran negotiations, says ClearView's Book Squawk Box Crude oil prices jumped on Monday as the U.S. Navy imposed a blockade on Iran's ports after peace talks failed over the weekend. U.S. crude oil futures for May delivery jumped nearly 3% to $99.37 per barrel by 1:15 p.m. ET. International benchmark Brent for June delivery advanced more than 4% to $99.56. The blockade took effect Monday at 10 a.m. ET. U.S. Central Command said it will not impede vessels transiting to and from non-Iranian ports. "The blockade will be enforced impartially against vessels of all nations entering or departing Iranian ports and coastal areas, including all Iranian ports on the Arabian Gulf and Gulf of Oman," CENTCOM said Sunday. President Donald Trump ordered the blockade after the U.S. and Iran failed to reach an agreement to end the war during negotiations in Pakistan over the weekend. Trump threatened Monday to destroy any Iranian military ship that approaches the blockade. The president said Sunday he ordered the Navy to find and interdict any ship in international waters that has paid Iran a toll to transit the Strait of Hormuz. The narrow sea route is a vital artery that connects Middle East oil producers to global energy markets. Tanker traffic through the strait has plunged due to the threat of Iranian attacks, triggering the largest oil supply disruption in history. About 20% of global oil supplies passed through the waterway before the U.S. and Israel attacked Iran on Feb. 28. It is unclear whether Trump will now resume airstrikes on Iran. The president agreed to a two-week ceasefire on Tuesday in exchange for Tehran allowing ships to pass through the strait. He had previously threatened to bomb every bridge and power plant in Iran. Trump is considering limited strikes on Iran to break the stalemate in peace talks, officials and peopl...
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