Energy Preview: Oil prices jump amid re-escalation of the conflict between US and Iran

International oil prices jump on Monday morning in Asia following the failure of weekend negotiations between the US and Iran to reach a deal. Meanwhile, President Donald Trump reportedly said on Sunday that the U.S. Navy would start blockading the Strait of Hormuz, after talks with Iran failed to reach a deal to end the war as the 21-hour-long peace talks over the weekend failed. WTI crude oil futures are up over 8% this morning at $104.38 per barrel while Brent is up 7% at around $101.89 per barrel. Last week, oil prices were down around 11% amid talks of a two-week ceasefire between the two countries.

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