Oil prices surge as US blockade of Hormuz strait begins.

Oil prices surge as US blockade of Hormuz strait begins. Crude jumped 8.7% to $104.95 per barrel Monday following failed US-Iran ceasefire talks in Pakistan. Brent crude rose 7.4% to $102.23. The blockade of all Iranian ports commenced as shipping through the critical strait has been stalled since late February, pushing prices from roughly $70 to over $119 at times. Asian markets declined sharply in response to the geopolitical tension. Japan's Nikkei fell 1.0%, South Korea's Kospi dropped 1.1%, and Hong Kong's Hang Seng slipped 1.5%. Analysts warn global trading will remain turbulent as oil price concerns dominate markets. Wall Street showed resilience with the S&P 500 ending Friday slightly lower, though the week's earlier optimism has been overshadowed by escalating Middle East tensions and their direct impact on energy costs worldwide.