Oil prices soared above $100 a barrel on Monday as the US Navy prepared to implement a blockade on the Strait of Hormuz, a critical passage for oil shipments, following unsuccessful negotiations with Iran. Brent crude futures increased by $6.81 (7.2%) to $102.01 per barrel, while US West Texas Intermediate rose by $7.50 (7.8%) to $104.07. President Donald Trump announced the blockade would restrict maritime traffic to and from Iran, a move that could significantly impact Iranian oil exports and global supply. Analysts note that the blockade signals the US's acknowledgment of the untenable ceasefire situation. The US Central Command stated that the blockade would be enforced against vessels from all nations, although it would not impede navigation for ships heading to non-Iranian ports. Meanwhile, Iran's Revolutionary Guards warned that any military vessels approaching the Strait would be viewed as a violation of the ceasefire. In related news, Saudi Arabia has restored its oil pumping capacity to 7 million barrels per day after earlier disruptions due to conflict-related damage.