TOKYO (AP) — Oil prices resumed their climb and global markets mostly declined Monday as the U.S. military prepared to blockade traffic to and from Iranian ports and the Strait of Hormuz, where most shipping has been stalled by Iran since the start of the war.
U.S. President Donald Trump announced the planned blockade after U.S.-Iran ceasefire talks in Pakistan ended without an agreement, and the U.S. military said the blockade involving all Iranian ports would begin Monday at 10 a.m. EDT, or 5:30 p.m. in Iran.
Oil prices have been rising as shipping through the strait has essentially stalled since late February. Brent crude oil, the international standard, has gone from roughly $70 per barrel before the war in late February to more than $119 at times.
On Monday, benchmark U.S. crude jumped $7.12 or 7.4% to $103.69 a barrel. Brent crude, the international standard, rose $7.04 or 7.4% to $102.24 a barrel.
France’s CAC 40 dropped 1.0% to 8,174.44 in early trading, while the German DAX lost 1.0% to 23,568.65. Britain’s FTSE 100 slipped 0.4% to 10,561.47. U.S. shares were set to drift lower with Dow futures down 0.5% at 47,911.00. S&P 500 futures fell 0.6% to 6,815.50.
