Oil jumps above $100 after US-Iran talks end without a deal

Oil prices jumped above $100 a barrel as energy markets reopened on Monday in Asia after talks between the US and Iran ended without a new deal and Donald Trump said he would blockade Iranian ports.

Global benchmark Brent crude is up by 8.5% at $102.37 (£77.15), while West Texas Intermediate is 9% higher at $105.34.

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

The price of oil plunged well below $100 last Wednesday after Washington and Tehran agreed to a conditional two-week ceasefire deal that includes the opening of the key Strait of Hormuz trade waterway.