Oil markets opened sharply higher and once again crossed the $100 per barrel level after US President Donald Trump announced the start of the blockade of Iranian ports from Monday (local time).US crude oil or WTI rose 8% to $104.24 a barrel in early trade, while global benchmark Brent crude rose 7% to $102.29.The rally followed a tense and volatile session after peace talks between the United States and Iran ended on a cold note, with prices already hitting above $100 a barrel amid reports that the US Navy was preparing to intercept ships reaching Iran through the Strait of Hormuz. Trump said on Sunday that the US Navy would extend the blockade of the Strait of Hormuz. “Effective immediately, the United States Navy, which is the finest in the world, will begin the process of blocking any and all ships trying to enter or leave the Strait of Hormuz. At some point, we will get to an “all allowed in, all allowed out” basis, but Iran is just not letting that happen by saying, “There could be a mine out there somewhere,” that no one knows about but them,” he told Truth Social. Wrote on.Commenting on market conditions, Saul Kavnik, head of energy research at MST Markey, said, “The market is now largely back to pre-armistice conditions, except now the US will also block the flow of the remaining 2 million barrels per day bound to Iran through the Strait of Hormuz.”He also acknowledged the potential political consequences of the decision, taken six weeks after the attack on Iran, and said oil and fuel prices could remain high through the November midterm elections.Since the conflict began, Brent crude has experienced huge fluctuations, rising from around $70 a barrel before the war in late February to above $119 at some points. Before the latest developments, Brent for June delivery slipped 0.8% to $95.20 a barrel on Friday.Since the US-Israeli offensive launched attacks on Iran on February 28, Tehran has maintained effective control over the Strait of Hormuz, a key maritime chokepoint for global energy flows, as tensions across the region disrupt shipping through the key oil transit route.US Central Command said the blockade would be enforced impartially “against vessels of all nations” entering or leaving Iranian ports and surrounding coastal waters, including the Persian Gulf and the Gulf of Oman.Additionally, it confirmed that ships traveling between non-Iranian ports will still be allowed to pass through the Strait of Hormuz.The strait typically handles about a fifth of global oil trade each day, with major exporters including Saudi Arabia, Iraq, the United Arab Emirates, Kuwait and Iran. Maritime tracking data shows that despite the ceasefire, traffic through the strait has remained low, with less than 40 commercial ships passing through since the ceasefire began.