Oil prices jumped above US$100 (HK$780) a barrel on Monday as the U.S. Navy prepared to block ships from reaching Iran via the Strait of Hormuz, a move that could restrict Iranian oil exports, after Washington and Tehran failed to reach a deal to end the war.
Brent crude futures rose US$6.71, or 7.05 percent, to US$101.91 a barrel by 0104 GMT after settling 0.75 percent lower on Friday.
U.S. West Texas Intermediate was at US$104.16 a barrel, up US$7.59, or 7.86 percent, following a 1.33 percent loss in the previous session.
“The market is now…
