Oil prices rise again above $100 per barrel

(Patria) - Oil prices surged again today after the US military command announced a blockade of Iranian ports, and peace talks between the US and Iran ended without results on Saturday.

In the London market, the price of a Brent barrel jumped by more than 7 percent, to $102.15, while in the US market, a barrel rose by more than 8.5 percent, to $104.90.

The sharp rise in prices followed a statement by the US Central Command (CENTCOM) that a blockade of all maritime traffic entering and leaving Iranian ports would begin on April 13 at 10 AM Eastern American time.

"The blockade will be carried out impartially towards vessels of all states entering or leaving Iranian ports and towards coastal areas, including all Iranian ports in the Persian Gulf and the Gulf of Oman. CENTCOM forces will not interfere with freedom of navigation for vessels transiting the Strait of Hormuz to and from non-Iranian ports," the CENTCOM statement said.

On Sunday, US President Donald Trump announced this blockade, after no agreement was reached between American and Iranian negotiators in Islamabad on Saturday regarding the end of the war.