Futures for Brent crude oil with June delivery on the London ICE exchange rose by more than 9%

Oil prices are rising in early market trading after the U.S. said it would blockade Iranian ports beginning Monday.

The failure of negotiations at the weekend has raised concerns that the global energy crisis will deepen.

Asian stocks fall as naval blockade threat injects new turmoil into financial markets.

Futures for Brent crude oil with June delivery on the London ICE exchange rose by more than 9%

Oil prices have been rising as shipping through the strait has essentially stalled since late February.