London/New York, 13 April 2026 (dpa/MIA) - Oil prices rose sharply after talks between the United States and Iran failed to produce a breakthrough, with Brent crude jumping as much as 9% overnight.

Brent crude for June delivery climbed to nearly $104 a barrel before easing to around $102 in early trading on Monday, up about 7% from Friday's close. US West Texas Intermediate (WTI) crude for May delivery also posted strong gains.

Prices had stood at $95.20 per barrel ahead of negotiations between the United States and Iran in Islamabad on Saturday.

Oil markets remain a key gauge of inflation and economic concerns, with traders closely watching geopolitical developments.

The US military said it would begin a blockade on Monday of vessels entering or leaving Iranian ports via the Strait of Hormuz, under orders from President Donald Trump. It added that ships not linked to Iranian ports would not be affected.

Trump aims to use the blockade to prevent Iran from charging transit fees for passage through the strait, while also seeking to cut off the country's oil revenues. Iran is one of the world's largest oil producers, making the waterway crucial for its exports.

Prices had surged following the outbreak of the conflict on February 28. After a two-week ceasefire was announced on Wednesday, Brent fell to nearly $90, its lowest level since mid-March.

MIA file photo