Oil near $105 as US presses Iran with blockade after collapsed Peace Talks

Global energy markets reeled Monday after 21-hour US Iran talks led by Vice President J.D. Vance collapsed, reviving fears of an energy blockade. WTI jumped nearly 8% to $104.95 and June Brent rose 7% to $102, while the US dollar index climbed to 99.187, a one-week high. The setback followed last week’s fragile, Pakistan-brokered two-week ceasefire by President Donald Trump, even as Israel kept striking Lebanon and the Strait of Hormuz stayed effectively closed. Trump said the US Navy will enforce a Hormuz blockade; CENTCOM vowed impartial application and kept non-Iran routes open.