Oil jumps above $100 after US-Iran talks end without a deal

Q: What caused oil prices to rise above $100 a barrel?

Oil prices rose above $100 a barrel due to the failure of US-Iran talks to reach a new deal, coupled with Donald Trump's announcement of a blockade on Iranian ports.

Q: How much did Brent crude and West Texas Intermediate increase after the US-Iran talks?

Brent crude increased by 8.5% to $102.37, while West Texas Intermediate rose by 9% to $105.34 following the talks.

Oil prices jumped above $100 a barrel as energy markets reopened on Monday in Asia after talks between the US and Iran ended without a new deal and Donald Trump said he would blockade Iranian ports.

Global benchmark Brent crude is up by 8.5% at $102.37 (£77.15), while West Texas Intermediate is 9% higher at $105.34.

The failure of negotiations at the weekend has raised concerns that the global energy crisis will deepen.

The price of oil plunged well below $100 last Wednesday after Washington and Tehran agreed to a conditional two-week ceasefire deal that includes the opening of the key Strait of Hormuz trade waterway.