Oil prices surge past $100 a barrel amid US Iran tensions. US crude futures jumped nearly 8% to $104.20 while Brent crude rose about 7% to $101.86 after the US announced plans to blockade Iranian ports starting Monday. The move follows failed negotiations and concerns over Iran's nuclear weapons program. President Trump ordered the Navy to target ships that have paid Iran to transit the Strait of Hormuz, a critical chokepoint carrying roughly a fifth of global oil supplies. Earlier US and Israeli strikes already collapsed tanker flows through the strait, creating what analysts describe as the largest oil supply disruption on record. Iran's parliament speaker warned Americans would soon miss cheaper gas prices. The US recently experienced its largest monthly spike in gas prices at 21.2%, and further escalation could push prices even higher as geopolitical tensions intensify.
