Oil prices have surged back above $100 a barrel after failed negotiations between the United States and Iran, leading to President Donald Trump's announcement of a blockade on the Strait of Hormuz. This blockade, which targets Iranian vessels, aims to restrict the flow of Iranian oil and has resulted in Brent crude rising nearly 7% to $101.74 and US crude increasing over 8% to $104.69. The US Central Command indicated that the blockade would start at 10am ET, effectively taking control of maritime traffic in the strategic strait. The recent ceasefire had previously caused a drop in energy prices, but the renewed tensions have sharply driven prices higher. Analysts from JPMorgan Chase predict that oil prices will remain elevated above $100 in the second quarter before potentially easing later in the year. The economic implications of these developments could be severe, with a report from the United Nations Development Programme estimating that over 32 million people worldwide could fall into poverty due to the fallout from the Iran conflict.