Oil prices are back above $100 per barrel on Monday after 21 hours of ceasefire talks between the United States and Iran failed to end their war. But U.S. stocks are holding relatively steady, an indicator that Wall Street still hopes both sides will ultimately avoid a worst-case scenario for the global economy.

Oil prices have resumed their climb and Asian markets mostly declined as the U.S. military prepared to blockade ships entering or leaving the Strait of Hormuz, where most shipping has been stalled by

Oil prices are back above $100 per barrel after 21 hours of ceasefire talks between the United States and Iran failed to end their war

Vice President JD Vance traveled to Pakistan on Saturday to engage in peace talks with Iran. However, the two countries failed to reach a deal.

Trump vowed to block all vessels passing through the Strait after weekend talks with Iran broke down, causing oil and natural gas prices to climb sharply.

U.S. Centcom says blockade of Iranian ports begins Monday; Trump says price of oil may rise after peace talks between the U.S. and Iran collapse; Oil prices rise after U.S. military announces blockade of Iranian ports;

Oil prices jumped above $100 a barrel as energy markets reopened on Monday in Asia after talks between the US and Iran ended without a new deal and Donald Trump said he would blockade Iranian ports. Global benchmark Brent crude is up by 8.

US President Donald Trump’s threat to blockade the Strait of Hormuz after talks with Iran collapsed over the weekend risked widening a war now entering its seventh week, lifting oil prices and raising the prospect of further economic pain around the globe.