Oil prices climb as U.S.-Iran talks stall and the Strait of Hormuz remains blocked, raising risks of tighter supply, falling inventories and further price spikes.

Jump in prices comes as Donald Trump says vessels will need permission of US Navy to transit key waterway.

Oil prices climb as U.S.-Iran talks stall and the Strait of Hormuz remains blocked, raising risks of tighter supply, falling inventories and further price spikes.

Brent crude rises 3 percent despite Iran's offer to reopen waterway in exchange for deferral of nuclear talks.