Oil: WTI crude rises above $100 a barrel after the announcement of the blockade of Iranian ports

The price of US crude oil climbed back above $100 a barrel on Sunday as markets reopened, on the eve of the US military’s announced blockade of Iranian ports, due to the lack of an agreement to end the war.

After falling back to around $97 at the close of trading, West Texas Intermediate (WTI) crude for May delivery rebounded by more than 7% on Sunday around 11:30 PM GMT.

Brent crude from the North Sea, for June delivery, was trading at around $101.80 a barrel at the same time, up 6.8%.