Oil Prices Soar & Global Markets Decline

TOKYO (AP) — Oil prices are climbing again as the U.S. military prepares to blockade Iranian ports and the Strait of Hormuz. The move comes after U.S.-Iran ceasefire talks in Pakistan ended without an agreement. The blockade is set to begin Monday at 10 a.m. EDT. Since late February, shipping through the strait has stalled, causing oil prices to rise. On Monday, U.S. crude jumped 7.4% to $103.69 a barrel, while Brent crude rose 7.4% to $102.24. Global markets mostly declined, with major indices in Europe and Asia falling. Analysts expect global trading to remain turbulent.