Oil back above $100 as US to blockade Iranian ports after peace talks fail

Oil prices rose back above $100 a barrel as energy markets reopened in Asia on Monday after talks between the US and Iran ended without a new deal and President Donald Trump said he would blockade Iranian ports.Global benchmark Brent Crude is up by 8.5% at $102.37 (£77.15), while West Texas Intermediate is 9% higher at $105.34.The failure of negotiations at the weekend has raised concerns that the global energy crisis will deepen.The price of oil plunged well below $100 last Wednesday after Washington and Tehran agreed to a conditional two-week ceasefire deal that includes the opening of the key Strait of Hormuz trade waterway.The strait, through which a fifth of the world's energy shipments pass, has become a key flashpoint of the Iran war after Tehran retaliated against the US-Israeli strikes by threatening to attack vessels that try to use it.Shipments have largely been at a standstill since the conflict started on 28 February, though some countries like India and Malaysia have negotiated safe passage for their vessels.The disruption has led to energy prices surging around the world.Major stock indexes in Asia slipped in morning trade on Monday.