Global oil prices rose by eight percent after US President Donald Trump announced the blockade of the Strait of Hormuz, with the price of North Sea Brent crude exceeding $102 per barrel, market data showed.
According to the latest data, June Brent crude futures rose 7.76 percent from the previous price and amounted to $102.59 per barrel, while May US West Texas Intermediate crude futures rose 8.2 percent and reached $104.51.
The US and Iran began talks in Islamabad on Saturday, April 11, after Trump earlier announced an agreement with Tehran on a two-week ceasefire.
The head of the US delegation, Vice President James David Vance, announced that Iran and the US had failed to reach an agreement during the lengthy negotiations, and that the US delegation was returning home without an agreement with Tehran.
