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Oil jumps above $100 after US-Iran talks end without a deal
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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. The conflict is now a test of wills - Iran’s capacity to absorb strikes versus Trump’s tolerance for the war's costs. It was a difficult mission, negotiating on behalf of a president whose messaging on the war has been mixed from the start. Trucking operators say their costs have doubled in a vast country reliant on the industry to deliver goods. Taoiseach (Irish PM) Micheál Martin said groups "with a self-declared" mandate have imposed blockades. Twenty-one hours was not enough to end 47 years of hostility between Iran and the US, writes the BBC's Lyse Doucet.