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. The US-Iran talks were watched closely for signs that disruptions to oil shipments through the Strait of Hormuz would ease soon, said NTU’s Asst Professor of Economics Chua Yeow Hwee. “Oil prices are likely to remain elevated because expectations now depend on whether the blockade is fully implemented, whether shipping disruptions spread, and whether diplomacy resumes,” he said.

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-Similar reports in The International News, and Platform Africa, 13 Apr