Oil prices skyrocket past $100 after US announces Strait of Hormuz blockade; Brent jumps 7%, WTI climbs to $104

Oil prices surged past $100 per barrel as President Trump announced a US Navy blockade of Iranian ports starting Monday. This escalation follows failed peace talks and aims to halt up to 2 million barrels of Iranian oil daily through the Strait of Hormuz, impacting global energy flows.