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View all search resultsUS oil benchmark jumps 8%, surpasses $100 after failed US-Iran talks
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Trucks are seen at an oil terminal in Yokohama, Kanagawa prefecture on March 17, 2026. Oil prices rebounded above $100 a barrel on Monday after peace talks between the United States and Iran failed to make a breakthrough. (AFP/Yuichi Yamazaki)
T
he US oil benchmark rebounded above $100 a barrel on Monday after peace talks between the United States and Iran failed to make a breakthrough, and with US President Donald Trump ordering a blockade of Iranian ports.
Shortly after trading began, a barrel of West Texas Intermediate (WTI) for May delivery rose around eight percent to $104.50, while June delivery of international benchmark Brent rose seven percent to $102.
In early trade in Asia, South Korea's benchmark Kospi index fell two percent, before recovering slightly, while Japan's Nikkei was down 0.3 percent.
Oil prices had sunk and stocks soared last week after Trump agreed to a two-week ceasefire mediated by Pakistan, despite its tenuousness becoming quickly apparent as Israel continued to strike Lebanon and the Strait of Hormuz remained effectively closed.
Talks in Islamabad on a long-term deal, led by US Vice President JD Vance and Iran's parliament speaker, failed to result in a deal, with both sides expressing pessimism.
Trump then announced he was ordering his own blockade of the Strait of Hormuz, which the US military later said would begin Monday and only apply to vessels traveling to or from Iranian ports.
Markets have been in turmoil since the launch of the war on Feb. 28, with Iran effectively blocking the Strait of Hormuz, through which one-fifth of all global oil and gas normally flows.
