Brent crude surged 7.7% to $102.53 per barrel, peaking at $103.87 after US Navy blockade announcement.
U.S. WTI rose 8.2% to $104.49 per barrel as Navy began enforcing a blockade of Iranian port traffic from 10:00 a.m. ET Monday.
US‑Iran ceasefire talks in Pakistan failed; Vice President JD Vance left after 21 hours, and Iran says no future nuclear talks.
Market reaction remained relatively contained, according to Pepperstone strategist Michael Brown, despite supply disruption concerns in oil markets.